Falcon Finance Opens Regulated Tokenization Pipeline in El Salvador, Led by GPU Financing

TL; DR

• Falcon Finance today announced a regulated pipeline for tokenized real-world asset issuance in El Salvador, starting with a tokenized GPU forward backed by anchor demand from NEAR AI.

• The first issuance under the framework is a tokenized GPU forward, financing compute infrastructure, currently in structuring.

• NEAR AI is the anchor buyer of the compute the hardware will produce and acts as a technology partner. vGPU supplies, installs, and services the equipment.

• Assets issued via the pipeline will be structured for secondary market liquidity from the outset, tradable on permissionless venues including Uniswap, and eligible to be accepted as collateral within Falcon Finance's platform once they demonstrate sufficient trading volume and depth. A holder will then be able to post it to mint USDf.

• In El Salvador, tokenized real-world asset issuance is carried out by NOTA S.A.S. de C.V. (PSAD-0088).

August 18, 2026 — Falcon Finance, the universal collateralization infrastructure powering onchain liquidity and yield with over $1.2bn of its USDf synthetic dollar in circulation, today announced a regulated pipeline for tokenized real-world asset issuance in El Salvador, starting with a tokenized GPU forward backed by anchor demand from NEAR AI.

The AI buildout has so far been financed through corporate balance sheets and private syndicates. Both are closed to anyone outside a small group of lenders, and once that paper is written, it does not trade.

The first issuance under the framework is a tokenized GPU forward, financing compute infrastructure, currently in structuring. The equipment is contracted and the price fixed through October, so the money raised goes directly to funding delivery. Supply is already contracted and priced with the manufacturer, and the issuance funds delivery.

NEAR AI is the anchor buyer of the compute the hardware will produce and acts as a technology partner. It was co-founded by Illia Polosukhin, one of the eight authors of the 2017 Google paper that introduced the transformer architecture behind modern large language models. vGPU supplies, installs, and services the equipment.

The instrument is a debt obligation of a special purpose vehicle, and it works in two stages. Buyers of high-end GPUs typically wait four to eight months between payment and delivery. The obligation is issued below par and accretes to par across that period. Once the hardware is installed and operating in a data center, it is serviced from the lease income the hardware generates.

The framework addresses a gap that has held the sector back. Tokenizing an asset does not on its own make it usable. Tokenized real-world assets have passed $38 billion onchain, according to RWA.xyz as of August 18, 2026, but most are wrapped and then sit idle, restricted to whitelisted pools that a few dozen investors can reach, unable to be posted as collateral or generate real liquidity. The asset is onchain, but the capital is stranded at the point of mint.

El Salvador supports a structure that makes this possible. Assets mint and redeem through a permissioned, KYC-gated process, and can then trade on open onchain venues under the same license. The country operates one of the few regulatory regimes purpose-built for digital asset issuance, under the Digital Assets Issuance Law administered by the National Commission of Digital Assets (CNAD). Tether Gold (XAU₮), one of the largest tokenized real-world assets in the market, is issued under this same El Salvador regime.

In El Salvador, tokenized real-world asset issuance is carried out by NOTA S.A.S. de C.V. (PSAD-0088), a digital asset service provider licensed under the Digital Assets Issuance Law.

The pipeline also includes sovereign debt instruments and energy and infrastructure financing in early discussions. The categories Falcon Finance works across are compute and hardware financing, commodities and precious metals, energy and infrastructure, and private credit.

Assets issued via the pipeline will be structured for secondary market liquidity from the outset, tradable on permissionless venues including Uniswap, and eligible to be accepted as collateral within Falcon Finance's platform once they demonstrate sufficient trading volume and depth. A holder will then be able to post it to mint USDf. This brings together three steps that are usually handled separately:

1. regulated issuance
2. open secondary trading
3. onchain collateralization

"Compute financing has become one of the fastest-growing categories in asset-backed credit, and almost all of it is arranged through private syndicates," said Artem Tolkachev, Chief RWA Officer at Falcon Finance. "A lender who wants out before maturity has very few options. We are structuring a tokenized GPU forward so that the exposure can be transferred on a secondary market and posted as collateral against borrowing. The underwriting is the same work it has always been. What changes is who can hold the paper and how easily they can exit it."

"Between paying for high-end GPUs and racking them, four to eight months go by with the capital already committed and nothing running," said Yurii Olentyr, board member at vGPU, which supplies, installs and services the equipment. "Today that gap sits on somebody's balance sheet, or with a small group of lenders who understand the hardware well enough to take the risk. The constraint we see is almost never demand for compute but rather who can afford to wait."

"Most issuers do not want tokenization. They want a result: liquidity, composability, and capital they can actually use," said Andrei Grachev, Founding Partner of Falcon Finance. "Wrapping an asset in a token is the easy part, and on its own it changes nothing. We built the liquidity and collateral platform first. El Salvador gives a regulated base to issue at scale, and Falcon Finance turns those assets into something that works onchain from day one. That is the part of tokenization the market has been missing."

Issuers can submit assets for consideration at tokenize.falcon.finance.

Frequently Asked Questions

• What did Falcon Finance announce?

On August 18, 2026, Falcon Finance announced a regulated pipeline for tokenized real-world asset issuance in El Salvador, starting with a tokenized GPU forward backed by anchor demand from NEAR AI.

• What is the tokenized GPU forward?

The first issuance under the framework is a tokenized GPU forward, financing compute infrastructure, currently in structuring. The instrument is a debt obligation of a special purpose vehicle, and it works in two stages. Buyers of high-end GPUs typically wait four to eight months between payment and delivery. The obligation is issued below par and accretes to par across that period. Once the hardware is installed and operating in a data center, it is serviced from the lease income the hardware generates.

• Who issues the tokenized assets in El Salvador?

In El Salvador, tokenized real-world asset issuance is carried out by NOTA S.A.S. de C.V. (PSAD-0088), a digital asset service provider licensed under the Digital Assets Issuance Law.

• Can these assets be used to mint USDf?

Assets issued via the pipeline will be structured for secondary market liquidity from the outset, tradable on permissionless venues including Uniswap, and eligible to be accepted as collateral within Falcon Finance's platform once they demonstrate sufficient trading volume and depth. A holder will then be able to post it to mint USDf.