Thanks to @DWFLabs for Haus last night. Probably the best room of Token2049 week.
See you again next year!
See you again next year!
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Token2049 put a question on its main stage that we've been answering for a while: how do tokenized assets become productive?
Make them collateral. Keep the exposure, mint USDf, then spend the dollar or stake it.
Make them collateral. Keep the exposure, mint USDf, then spend the dollar or stake it.
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$15.6B worth of tokenized stocks traded onchain in September, a new record. Robinhood accounted for 42%.
Trading is just the beginning, the next step is putting those assets to work.
On Falcon, 5 Robinhood Stock Tokens can already be used as collateral to mint USDf, giving holders access to dollar liquidity while keeping their stock exposure.
Explore more here 👉 https://falcon.finance
Trading is just the beginning, the next step is putting those assets to work.
On Falcon, 5 Robinhood Stock Tokens can already be used as collateral to mint USDf, giving holders access to dollar liquidity while keeping their stock exposure.
Explore more here 👉 https://falcon.finance
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Borrowing against stocks, bonds, gold and property has been common in TradFi for decades.
In crypto, collateral has mostly been limited to BTC, ETH and stablecoins.
That's changing as more assets move onchain. Tokenized Treasuries, stocks, credit and gold are becoming part of the collateral market. Local-currency stablecoins and emerging-market government bonds are joining the mix too.
At Falcon, we're expanding the range of assets that can be used to mint USDf, giving holders access to onchain liquidity while keeping their exposure to the underlying assets.
Explore more here 👉 https://falcon.finance
In crypto, collateral has mostly been limited to BTC, ETH and stablecoins.
That's changing as more assets move onchain. Tokenized Treasuries, stocks, credit and gold are becoming part of the collateral market. Local-currency stablecoins and emerging-market government bonds are joining the mix too.
At Falcon, we're expanding the range of assets that can be used to mint USDf, giving holders access to onchain liquidity while keeping their exposure to the underlying assets.
Explore more here 👉 https://falcon.finance
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Who’s been worth following this year?
Binance’s The Blockchain 100 is back, honoring 100 creators across crypto and finance.
We’re supporting this year’s awards as a strategic partner, celebrating the people who help shape our industry.
Nominations close October 16. Who deserves a spot?
https://www.binance.com/en/square/blockchain-100-2026
Binance’s The Blockchain 100 is back, honoring 100 creators across crypto and finance.
We’re supporting this year’s awards as a strategic partner, celebrating the people who help shape our industry.
Nominations close October 16. Who deserves a spot?
https://www.binance.com/en/square/blockchain-100-2026
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A treasury holding tokenized Treasuries or gold may need dollars without selling its holdings.
Falcon accepts both USTB and XAUt as collateral for minting USDf.
Eligible holders can use these assets to unlock dollar liquidity, with an overcollateralization buffer applied.
Explore more here 👉 https://falcon.finance
Falcon accepts both USTB and XAUt as collateral for minting USDf.
Eligible holders can use these assets to unlock dollar liquidity, with an overcollateralization buffer applied.
Explore more here 👉 https://falcon.finance
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When you need dollars, selling an asset is one option, using it as collateral is another.
On Falcon, 50+ assets can back USDf, from BTC and gold to 15 tokenized stocks and ETFs, including NVIDIA, Tesla and the S&P 500.
That's where tokenization starts to get productive.
Explore more here 👉 https://falcon.finance
On Falcon, 50+ assets can back USDf, from BTC and gold to 15 tokenized stocks and ETFs, including NVIDIA, Tesla and the S&P 500.
That's where tokenization starts to get productive.
Explore more here 👉 https://falcon.finance
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Who pays the stablecoin rewards matters as much as the rate.
In its final GENIUS Act rule, issued October 21, the OCC dropped a proposed presumption that would have treated certain affiliate and third-party reward arrangements as violations unless rebutted.
The ban on issuers paying yield solely for holding, using or retaining a payment stablecoin stays. So does the OCC’s authority to act against evasion. Arrangements now get reviewed case by case, and older programs get no safe harbor.
Comparing dollar products? Follow the payment: who funds it, who pays it, what earns it.
Effective January 18, 2027.
fUSD is issued by Anchorage Digital Bank and posts as exchange collateral on supported venues through Ceffu MirrorRSV, while it stays in off-exchange custody. Falcon runs the rewards program, targeting ~3% a year.
Institutions only: https://fusd.falcon.finance/
In its final GENIUS Act rule, issued October 21, the OCC dropped a proposed presumption that would have treated certain affiliate and third-party reward arrangements as violations unless rebutted.
The ban on issuers paying yield solely for holding, using or retaining a payment stablecoin stays. So does the OCC’s authority to act against evasion. Arrangements now get reviewed case by case, and older programs get no safe harbor.
Comparing dollar products? Follow the payment: who funds it, who pays it, what earns it.
Effective January 18, 2027.
fUSD is issued by Anchorage Digital Bank and posts as exchange collateral on supported venues through Ceffu MirrorRSV, while it stays in off-exchange custody. Falcon runs the rewards program, targeting ~3% a year.
Institutions only: https://fusd.falcon.finance/
Falcon Finance
fUSD | Regulated Digital Dollar for Institutional Collateral
fUSD is a reserve-backed digital dollar for institutional collateral, treasury, and settlement use cases.
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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?
Put them to work here 👉 https://falcon.finance
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?
Put them to work here 👉 https://falcon.finance
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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
Explore more here 👉 https://falcon.finance
Holders can mint USDf, our overcollateralized synthetic dollar, against them and keep their stock exposure.
Stock token → USDf → use onchain
Explore more here 👉 https://falcon.finance
Falcon Finance
Universal Collateralization Infrastructure | Falcon Finance
Falcon Finance is a protocol that enables the use of any liquid asset as collateral for issuing onchain liquidity and unlocking value across various financial domains.
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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.
Explore more here 👉 https://falcon.finance
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.
Explore more here 👉 https://falcon.finance
Falcon Finance
Universal Collateralization Infrastructure | Falcon Finance
Falcon Finance is a protocol that enables the use of any liquid asset as collateral for issuing onchain liquidity and unlocking value across various financial domains.
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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 👆
Explore more here 👉 https://falcon.finance
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 👆
Explore more here 👉 https://falcon.finance
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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.
xStocks ($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.
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.
xStocks ($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.
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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.
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.
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In 1997, David Bowie used his music to buy back more of his music.
He raised $55 million by issuing bonds backed by future royalties from 287 songs, then used part of the money to buy back rights held by his former manager.
Instead of selling his copyrights, Bowie committed 10 years of royalty income to help repay investors.
He had found a way to raise money from assets he already owned, without selling them outright.
Back then, pulling off a deal like that required a custom financial structure, Wall Street bankers, and a major institutional investor.
Today, the same principle is relevant to tokenized assets.
Assets like stocks and Treasuries are being brought onchain. But tokenization is only part of the story. When these assets can also be used as collateral, their owners have another way to access liquidity without selling them.
That's the idea behind Falcon Finance's USDf, which can be minted using eligible assets as collateral.
Different assets, different financial structures, but the same principle: what you own can do more than sit in your portfolio.
He raised $55 million by issuing bonds backed by future royalties from 287 songs, then used part of the money to buy back rights held by his former manager.
Instead of selling his copyrights, Bowie committed 10 years of royalty income to help repay investors.
He had found a way to raise money from assets he already owned, without selling them outright.
Back then, pulling off a deal like that required a custom financial structure, Wall Street bankers, and a major institutional investor.
Today, the same principle is relevant to tokenized assets.
Assets like stocks and Treasuries are being brought onchain. But tokenization is only part of the story. When these assets can also be used as collateral, their owners have another way to access liquidity without selling them.
That's the idea behind Falcon Finance's USDf, which can be minted using eligible assets as collateral.
Different assets, different financial structures, but the same principle: what you own can do more than sit in your portfolio.
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