Recently, a project in the DeFi space has been quietly discussed by more and more people—Falcon Finance. Unlike other projects that are constantly promoting and holding events, this one seems a bit aloof, but once you understand what it’s doing, you'll realize why it might be a key piece of the next-generation DeFi infrastructure.

In simple terms, Falcon’s logic is straightforward: if you have valuable assets, whether crypto assets or real-world assets, you can bring them on-chain to exchange for dollar liquidity. The vehicle for this liquidity is their stablecoin USDf.

It might seem unremarkable at first glance, but the details are the real game-changer. USDf is not some junk token backed by algorithmic tricks or a single asset. It’s backed by a basket of real assets, each of which is transparently displayed on an dashboard and undergoes independent third-party audits. In other words— it can prove its innocence. After experiencing Luna’s collapse, FTX’s meltdown, and the depegging of various stablecoins, this kind of “transparency” has become the most scarce and valuable weapon.

What’s more, Falcon doesn’t just support old-timers like Bitcoin and Ethereum. It has already begun to incorporate real-world assets (RWA), such as tokenized US Treasuries. This isn’t just a proof of concept; it’s real business—using Treasuries to mint USDf. Think about it from another angle: you don’t need to liquidate your Treasuries; just deposit them to directly obtain on-chain dollar liquidity for trading. Traditional financial assets have finally become a source of fresh water for the DeFi ecosystem.