The DeFi market has been turbulent recently, but there is an interesting phenomenon — stablecoin projects backed by RWA (Real World Assets) are actually breaking through against the trend. Falcon Finance's data clearly illustrates this point: the total locked value has exceeded $2.1 billion, and the circulating supply of the synthetic stablecoin USDF has reached 2.112 billion tokens.

What does this imply? The market is beginning to seriously reconsider an old question: what kind of stablecoins are truly trustworthy? The lessons from the centralization risks of USDT and the collapse of UST are still fresh in our minds. Instead of dwelling on these controversies, it’s better to look at new solutions.

Falcon Finance’s approach is "everything can be collateralized" — mainstream crypto assets, tokenized gold, stocks, and even sovereign bonds can be used to mint USDF. The advantage of this universal collateral framework is obvious: risks are no longer concentrated in a single asset or institution.

The latest application case is quite interesting. Launched in mid-December, the tokenized gold vault allows users to stake gold tokens and, with a six-month lock-up, earn an annualized return of 3%-5%. The key point is that there is no leverage risk and no liquidation pressure, combining the stability of traditional safe-haven assets with DeFi’s yield mechanisms. This integration indeed hits the intersection of traditional finance and on-chain finance.