TL;DR:
- Falcon Finance has a circulating supply exceeding $1.2 billion in its synthetic dollar, USDf, as of August 18, 2026.
- The issuance of tokenized assets in El Salvador is executed by NOTA S.A.S. de C.V. under CNAD license PSAD-0088.
- NEAR AI participates as the anchor buyer of the compute capacity, while vGPU supplies and deploys the technical equipment.
This Tuesday, Falcon Finance launched regulated tokenization in El Salvador with GPU financing, kicking off its real-world asset (RWA) framework backed by commercial demand from NEAR AI.
The first issuance structured under this framework is a debt forward contract issued by a Special Purpose Vehicle (SPV) to fund computing hardware. The equipment is tied to supply contracts secured through October 2026, allowing the raised capital to be channeled directly into the physical delivery of the components.
According to statements by Yurii Olentyr, board member at vGPU, the period between paying for high-performance graphics processors and their operational deployment in data centers typically ranges from four to eight months. Official documentation from the protocol indicates that the financial instrument is issued below par and accrues value during this waiting period. Subsequently, the debt is amortized through revenues generated by the hardware’s operational leasing once it becomes active.
Data reported by analytics platform RWA.xyz records more than $38 billion in tokenized assets on blockchain as of August 18. According to analysis presented by Falcon Finance, a substantial portion of this volume remains locked in restrictive whitelists, hindering its integration as liquid collateral.
Regulatory Integration and Secondary Liquidity in El Salvador
The Salvadoran legal framework operates under the Digital Assets Issuance Law, administered by the National Commission of Digital Assets (CNAD). Under this regulation, NOTA S.A.S. de C.V. manages the issuance and redemption of assets through processes requiring identity verification (KYC).
The technical architecture is designed so these instruments can later be traded on open decentralized exchanges like Uniswap. Andrei Grachev, founding partner of Falcon Finance, stated that the operational goal is to combine regulated issuance with secondary market liquidity and the ability to directly use the assets as collateral across decentralized finance platforms.
Falcon Finance’s report indicates that once the assets demonstrate sufficient trading depth and volume on secondary markets, plans are in place to enable them as collateral within its platform to mint the synthetic dollar USDf. Artem Tolkachev, Head of RWA at Falcon Finance, noted that this mechanism aims to allow lenders to transfer their credit exposure or use it as backing prior to maturity.
The rollout of this infrastructure includes preliminary discussions to integrate sovereign debt instruments, energy financing, and private credit under the same Salvadoran regulatory registry.
