Falcon Finance Mints USDf Using Tokenized U.S. Treasuries

Falcon Finance, a synthetic dollar protocol, has achieved a significant milestone by completing its first live mint of USDf using tokenized U.S. Treasuries. This development marks a substantial advancement in integrating real-world assets (RWAs) into decentralized finance (DeFi) with full composability. The transaction utilized Superstate’s tokenized short-duration Treasury fund (USTB) as collateral and was executed through Falcon’s production infrastructure. This achievement demonstrates how regulated, yield-bearing assets can now directly support onchain liquidity without the need for siloed systems or custom DeFi infrastructure.

Unlike many RWA initiatives that focus solely on tokenizing assets, Falcon’s architecture is designed for productive utility. Tokenized assets are not merely parked in wrappers; they become active collateral, deployed into risk-managed, market-neutral strategies that power the USDf stablecoin. This approach embeds both institutional asset holders and DeFi capital providers within the same infrastructure, allowing USDf to be minted using either crypto-native or real-world assets. This enables users to unlock liquidity without selling their holdings.

“Tokenization is just the beginning,” said Artem Tolkachev, RWA Strategy Lead at Falcon Finance. “The real challenge is making those assets usable—so they can earn, hedge, and build within an open, composable system. This first mint shows that institutional-grade assets can move beyond proof-of-concept into functional onchain liquidity.”

Falcon’s live mint reflects a broader roadmap aimed at onboarding a diverse set of yield-generating real-world assets. Upcoming collateral types include tokenized Treasuries, money market funds, investment-grade corporate credit, emerging market sovereign debt, and private credit and revenue-based lending. Each asset class must meet strict standards for custody, enforceability, and pricing transparency. By connecting permissioned yield sources with permissionless DeFi strategies, Falcon is building the infrastructure to make real-world assets functionally composable onchain. This architecture is designed to align incentives across institutions, DAOs, protocols, and allocators alike, paving the way for a more robust and scalable financial layer.

Falcon Finance is a synthetic dollar protocol that allows users to mint USDf against both crypto and tokenized real-world assets. It combines delta-neutral yield strategies with institutional-grade standards in risk management, transparency, and capital efficiency. This innovative approach not only enhances the utility of real-world assets in DeFi but also opens up new possibilities for liquidity and financial innovation.