Falcon Finance has been rolling out new RWA vaults at a steady pace through late 2025, and the most recent ones, tokenized gold and emerging market debt, are landing at a moment when a lot of people are looking for stability. With markets getting rougher toward year-end, these vaults are giving holders a way to stay productive without needing to reshuffle their portfolios. You can deposit XAUt or selected EM debt tokens, mint USDf against them, and stake into sUSDf to earn yields that have been holding in the 3–5% range, even as risk appetite across crypto cools off.

The setup itself isn’t new. You deposit an approved asset, mint over-collateralized USDf, and keep exposure to what you put in while unlocking dollar liquidity. In the gold vault, XAUt is used with conservative loan-to-value limits, leaving room for price swings without putting the system under stress. The emerging market vault is built around short-duration, higher-quality debt from developing economies, mostly sovereign or near-sovereign issuers. You get better carry than treasuries, and as long as maturities stay short and the whitelist stays tight, the risk doesn’t run away. Both vaults flow into the same sUSDf pool, where returns come from protocol fees and borrowing demand layered on top of the underlying yield.

What’s made these vaults stand out is the context they’ve launched into. December has been messy. BNB has been under pressure, Bitcoin has been testing support, and liquidation spikes have become routine. Against that backdrop, the gold and EM vaults have felt relatively steady. Gold has quietly done its job throughout 2025, and many XAUt holders were simply sitting on it, waiting. This vault gives them another option. Instead of selling gold to raise liquidity, they can mint USDf against it, use that liquidity if needed, and still earn through sUSDf while keeping their gold exposure intact.

The EM debt vault plays a different role. It adds diversification and carry without leaning too far into credit risk. Short maturities help reduce sensitivity to rate moves, and strict asset selection keeps the focus on quality rather than headline yield. For people looking to balance risk rather than chase it, that matters.

So far, deposits have been steady rather than explosive. This doesn’t look like speculative capital chasing the next big yield. It looks more like larger, considered positions from holders who already own these assets and want to put them to work. Over-collateralization remains tight, monitoring is active, and the parameters feel deliberately cautious. USDf borrow rates have stayed healthy as supply and demand stay balanced, and the peg has held up well despite broader volatility.

Community discussion around these vaults has stayed grounded. People are asking about exact LTV limits for XAUt, how currency moves or credit events are handled in the EM vault, and what kinds of assets might be added next. Governance threads are active, with FF token holders debating risk tweaks and fee distribution as usage grows. It’s the kind of discussion you usually see when people are thinking in portfolio terms, not chasing quick wins.

FF governance fits naturally into this picture. Staked holders decide which assets are accepted, how risk is managed, and how fees are split. As higher-carry vaults attract more capital, protocol revenue increases, and staked FF benefits alongside that growth. The token’s role expands with real usage rather than short-term incentives.

These vaults aren’t designed to chase eye-catching returns. A 3–5% yield on sUSDf backed by tokenized gold or emerging market debt won’t compete with high-risk strategies on paper. What it offers instead is consistency. It’s yield tied to assets that tend to hold up when markets are uncertain, delivered in a way that doesn’t force sales or add unnecessary directional exposure.

As late December 2025 rolls on and markets remain unsettled, that kind of setup starts to stand out. Being able to earn steady yield from safe-haven or diversified RWAs, without selling or stretching for risk, is quietly appealing. Falcon is turning tokenized gold and emerging market debt into something holders can actually use, not just hold. When sensible, well-structured yield begins to look more attractive on a risk-adjusted basis than flashier alternatives, it’s usually a sign the market is growing up. These vaults feel like part of that shift.

@Falcon Finance

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