Do you remember those years when everyone said RWA was a false proposition? In the blink of an eye, 2025 is almost over, and the market has long since stopped playing purely speculative games—now it's all about "putting assets to work."

Recently, I've been focused on the collaboration between Falcon Finance and xStocksFi. It's not the kind of partnership that ends with a formal announcement and then nothing happens; they're actually moving stocks onto the blockchain with real execution, and you can also take advantage of stablecoin yields. The Tesla stock token you hold can not only appreciate but also earn interest while you relax? It sounds unbelievable, but they're really doing it.

At the end of October last year, they integrated with BackedFi and directly put xStocks into the collateral pool. The operation path is quite clear: take TSLAx and throw it in, mint USDf; then stake sUSDf to earn yields. There seems to be an extra step on the surface, but what is actually unlocked is a double portion of the cake—stock appreciation remains, and the annualized stablecoin can stay stable at around 10%.

What's so great about this? In the past, when you bought stocks, you just held onto them and waited for them to rise; if you wanted liquidity, you had to sell. Now this new way of playing merges the two paths: the value of the holdings increases, and you can still use the liquidity to earn money. The traditional financial rule of "either hold or cash out" has been turned on its head here. Stocks are no longer just numbers lying in an account; they have begun to possess "productivity" — this is how RWA should look.