The first time I tried to verify on-chain a so-called USD with real assets backing it, I was stuck in front of the browser for a long time. One tab shows the price, another shows the circulating supply, and there's a page with a "fully backed" label. Staring at the screen, my eyes ached, but I had an inexplicable sense of unease—like having locked the door but still feeling the need to turn the doorknob again before leaving to feel at ease. This feeling is roughly what the current issues with real-world assets (RWA) bring to the entire market.

The logic of RWA isn't actually complicated. It involves packaging real-world assets—gold, government bonds, corporate bonds—into on-chain tokens, allowing them to circulate on the blockchain. Sounds good, and indeed transaction speeds have increased. The problem is, while tokens transfer instantly on-chain, the physical assets behind them might still be quietly lying in a vault somewhere. So, the real key isn't whether they can be traded, but whether these assets can truly be verified to exist.

Many industry insiders get confused at this point—not because they fear market risks, but because they are puzzled about how to verify. Once people start to be confused, it's easy to make impulsive decisions.

It is precisely because of this gray area of information ambiguity that new projects see opportunities. Falcon Finance was born in such an environment. Its design concept is to allow users to use various assets as collateral to mint stablecoins…