Falcon Finance

Stocks sold off this week as investors moved into US Treasuries. And Treasuries are useful for more than just being a safe haven. Last month, BNY settled a tokenized Treasury in minutes, and Citadel Securities used it to borrow cash overnight. Normally, settling a Treasury trade takes until the next business day. Here the asset was ready to use as collateral within minutes. Bringing assets onchain so they can move instantly and be productive is what TradFi is trying to catch up to.

Tokenized stocks hit a record $4.24B onchain. New issuance drove the growth, just over 3 days since Sunday: • $1.11B in new tokens minted • $213M burned • $898M in net new supply Here's the daily breakdown: Monday: +$271M in net supply, offset by a $150M price decline Tuesday: +$428M in net supply, offset by a $245M price decline Wednesday: +$199M in net supply, plus an $85M price gain. @xStocksFi ($562M) and @binance bStocks ($453M) accounted for 91% of all new minting. As tokenized stock supply grows, so does the potential pool of onchain collateral. Eligible tokenized stocks can be used to mint USDf on Falcon Finance.

In the late ’90s, plenty of companies had a website but no way to take an order. A lot of tokenized assets are in a similar spot today: they’re onchain, but their utility often stops at holding or trading. Collateral changes that, and we’re bullish on the future.

You can use tokenized stocks and ETFs as collateral to mint USDf on Falcon. Classic Mint accepts 15 tokens from xStocks, Ondo and Robinhood, including tokens for NVIDIA, Tesla, the S&P 500 and gold. Here’s the full list 👇

Nvidia, Nike and Reddit are among 50 companies objecting to third-party tokenized versions of their shares trading on OKXICE’s planned venue. Their objections come during a busy week for tokenized stocks. DTCC’s tokenization service went live, with 20 firms, including J.P. Morgan, Citi and Morgan Stanley, signing access agreements. Ondo brought 15 tokenized stocks and ETFs to Robinhood Chain. It would be easy to frame this as financial firms embracing tokenization while issuers resist it, but the evidence doesn’t support that conclusion. The objections concern a specific venue, and the companies’ reasons haven’t been disclosed. What deserves closer attention is how each offering works and what it allows holders to do. On Falcon, eligible tokenized stocks can already be used to mint USDf, giving holders access to liquidity without selling those assets. That’s a practical use worth examining as more stocks become available onchain.

Tokenized stocks started 2026 as the 8th-largest RWA category, at $680M. 10 months later, they’re 4th at $3.8B. Up 5.6x. They’ve passed asset-backed credit, specialty finance, corporate credit, and non-US government debt. Treasuries still lead at $14.3B, up 1.6x.

DAO treasuries can do more than hold tokens. GMX plans to put part of its protocol-owned GMX to work with Falcon Finance to generate yield. Keep the position, earn on it. Treasury assets are collateral too. Looking forward to working with @GMX_IO!

"He's NOT unemployed. He's waiting for the Fed to announce its rate decision and release the FOMC statement."

NVDAon, TSLAon and MSTRon are on Ondo's new Robinhood Chain list, and all three are already eligible collateral on Falcon. Holders can mint USDf, our overcollateralized synthetic dollar, against them and keep their stock exposure. Stock token → USDf → use onchain

Which asset would you never sell and why?

Only ~$390B of the ~$35T in stablecoins that moved onchain in 2025 was real-economy payments. Most onchain dollars are working as liquidity. USDf, our overcollateralized synthetic dollar, is built for that side: mint it against eligible collateral and keep exposure to what you hold. Collateral → USDf → use. What's the main job your onchain dollars do?

Came to crypto to quit your job. Now it’s Friday and you’re reading semiconductor earnings because a ticker appeared in a dropdown. Congrats on your new role in equity research.