Falcon Finance 🦅🟠

Did you know that at the beginning of 2020, the total market cap of stablecoins was only about $4.2B? We've come a long way.

RWAs are multichain, but the value is still very concentrated. $30B+ in RWAs across 20+ chains. Ethereum holds 55%. The top 5 chains hold 85%. Which chain do you think sees the most RWA growth next?

$30.5B in tokenized real-world assets, up 4x in a year. But not all RWAs are doing the same job. Some move: tokenized treasuries, credit, stablecoins, gold, and equities are being used across DeFi for trading, yield, and collateral. Others mostly sit: tokenized real estate, private equity, and non-US debt are largely bought for exposure and held. Last year, the question was whether TradFi would bring assets onchain. They did. Now 5 tokenized Treasury products are above $1B: Circle USYC: $2.9B BlackRock BUIDL: $2.6B Ondo OUSG: $2.1B Franklin BENJI: $1.96B Janus Henderson JTRSY: $1.3B Issuance got solved. The real question now is what these assets do once they’re there.

Prompt: “Redraw the attached image in the most clumsy, scribbly, and utterly pathetic way possible. Use a white background, and make it look like it was drawn in MS Paint with a mouse. It should be vaguely similar but also not really, kind of matching but also off in a confusing, awkward way, with that low-quality pixel-by-pixel feel that really emphasizes how ridiculously bad it is. Actually, you know what, whatever, just draw it however you want.”

The new stack (open, programmable, interoperable) is being built right now. Incumbents (Stripe, Mastercard, etc.) are already buying their way in. The choice is adapt or get left behind.