Diverse handling fee income structure
Ecological income mainly comes from three types of handling fees: USDf minting fee (0.1-0.3%, with a tiered reduction based on the number of staked FF), sUSDf redemption fee (0.05%), and RWA asset access fee (a one-time fee of 1-2%). Total handling fee income reached $8 million in Q4 2025, of which the minting fee accounted for 55%, the RWA access fee accounted for 30%, and the redemption fee accounted for 15%. With the launch of the RWA engine, it is expected that handling fee income will exceed $50 million in 2026, with RWA-related income accounting for 45%.
Transparent allocation mechanism
The handling fee is distributed according to the ratio of '40% ecological subsidy + 30% technical research and development + 20% insurance fund + 10% foundation operation': the ecological subsidy is used for Yap2Fly rewards and liquidity mining incentives; research and development focuses on RWA engines and security technology; the insurance fund continuously supplements risk buffers; operational costs cover compliance and daily expenses. The allocation details will be disclosed quarterly through a transparency page, with a $4 million ecological subsidy in Q3 2025 driving a 12% increase in TVL, and the allocation efficiency recognized by the community.
Long-term profitable growth logic
Profit growth will depend on 'scale expansion + structural optimization': For every $1 billion increase in USDf circulation, it is expected to bring an additional $20 million in transaction fees; RWA asset access extends from government bonds to corporate bonds and private credit, with higher access rates improving profit margins. After the launch of institutional-level products in 2026, additional asset management fee income (0.5-1%) will be generated, forming a dual-driven model of 'transaction fees + management fees' to provide financial support for sustainable ecological development.
#falconfinanc @Falcon Finance $FF
