RedStone在三条链上推出1.7亿美元的FalconX信用金库

RedStone已推出价格信息，针对一个在Monad、Plume和MegaETH上持有超过1.7亿美元风险敞口的FalconX私人信用金库。

摘要

• RedStone将FalconX金库的签署净资产值从以太坊分发到另外三个网络。
• AA_FalconXUSDC持有者可以在不先赎回其头寸的情况下，使用支持的代币作为抵押。
• RedStone通过签名验证、偏差限制、陈旧规则和熔断器检查更新。
• 在市场压力下，权限要求和薄弱的二级流动性仍可能使清算变得复杂。

RedStone将FalconX信用定价引入三条链

在与crypto.news分享的声明中，RedStone表示已将其定价基础设施与Pareto的信用金库整合，首个金库为FalconX，持有超过1.7亿美元的私人信用风险敞口。

通过该金库，机构投资者存入USDC以资助FalconX的部分主经纪业务。存款人会收到AA_FalconXUSDC，这是一种代表其在基础信用投资组合中高级部分的代币。

金库所赚取的利息会在代币的净资产值中累积，随着时间的推移提高其赎回价值。根据公告，M11 Credit负责策划该产品、承保FalconX，并持续监控信用风险敞口。
你可能还会喜欢：RedStone为NYLIM代币化基金带来即时退出

RedStone从其以太坊合约读取金库的净资产值，并通过Monad、Plume和MegaETH上的标准化信息发布该价值。每个网络上的借贷协议随后可以使用该信息计算持有者可以借入多少AA_FalconXUSDC。

如果没有这样的信息，每个协议或网络都需要建立与以太坊源合约的连接。RedStone的系统则在支持的代币部署的任何地方分发相同的估值。

持有者可以在不先赎回AA_FalconXUSDC的情况下将其用作抵押，从而允许基础头寸在借入其他资产的同时继续赚取利息。实际访问取决于哪些借贷市场接受该代币以及每个协议施加的风险限制。

“代币化只是第一步。之后发生的事情才是真正重要的，”RedStone联合创始人Marcin Kazmierczak在公告中表示。

“Pareto的FalconX信用金库展示了代币化的机构信用如何在链上金融生态系统中超越标准发行。”

FalconX在RedStone发布之前计算净资产值

Kazmierczak在与crypto.news的对话中表示，FalconX根据金库的私人信用投资组合在链下计算并签署AA_FalconXUSDC的净资产值。RedStone传递报告的价值，而不是独立评估基础贷款。

一旦FalconX签署更新，RedStone的预言机节点会收集该信息，并根据偏差阈值和心跳规则进行测试。系统仅在通过所需检查后才会在链上发布净资产值。

保护措施包括来自多个节点的确认、对FalconX签名的验证，以及旨在拒绝过旧更新的检查。当报告的值超出预设限制时，熔断器也可以停止发布。

Kazmierczak表示，这些控制措施可以防止意外输入和异常更新，避免一个错误值在多个网络中传播。它们并不取代FalconX确定用于计算净资产值的信用投资组合的公允价值的责任。

所有三条目标链从单一来源接收相同的签署值。因此，每个网络都参考FalconX的基础估值，而不是产生可能与其他网络不同的单独计算。

A disruption can still interrupt delivery. If Ethereum experiences an outage or another supported chain becomes congested or undergoes a reorganization, the affected network continues to display the last valid signed NAV until a fresh update can be verified and delivered.

Kazmierczak said staleness and heartbeat rules govern the treatment of delayed values. The approach avoids publishing data drawn from a reorganization or creating inconsistent NAV calculations, although prices may remain temporarily stale during an outage.

RedStone previously deployed an oracle on Stellar in March 2026 as the network developed its lending activity and tokenized-asset infrastructure. By August, Stellar held more than $3 billion in real-world assets, while slightly over $2 million sat in lending pools capable of accepting RWAs, according to a report on its DeFi gap.

FalconX vault NAV may differ from its liquidation value

Although the feed supplies a fair-value estimate, Kazmierczak said lending protocols should not treat the reported NAV as the price they are certain to recover during a forced sale.

"This isn't an oracle question, it's a risk parameter question for the lending protocol."

Protocols must decide how much of the reported value they will recognize as collateral. Kazmierczak said they should apply haircuts that account for possible slippage, limit borrowing according to realistic secondary-market depth rather than the vault's total assets, and leave a buffer between the liquidation threshold and a stressed exit price.

RedStone can provide the feed and risk ratings through Credora, but each lending protocol or its curator remains responsible for setting collateral factors, borrowing caps and liquidation thresholds.

Liquidity has become a central issue for tokenized assets as issuance has grown faster than their use inside decentralized finance. A Sept. 4 analysis found that 89% of tokenized RWAs in a $34.6 billion market remained outside active protocol use, with about $3.79 billion deployed at the time.

FalconX has separately expanded its institutional lending activity. In August, the company and Ethena launched a $1 billion lending facility that uses part of USDe's backing assets to finance secured, overcollateralized loans for institutional borrowers.

The facility places collateral with qualified custodians and uses a special-purpose vehicle through which FalconX originates and services the loans. Institutional lending accounted for $310 million, or 6.9%, of USDe's backing in early July.

For U.S. market participants, FalconX's role links the vault to a prime broker with operations in New York, although the company says product availability depends on jurisdiction and the FalconX entity providing the service. Pareto also describes its credit products as regulatory-compliant offerings designed for professional investors, asset managers, digital-asset funds and fintech companies.

Permissioned tokens require approved liquidators

Transfer restrictions create another issue when private-credit tokens serve as collateral. Kazmierczak said an accurate NAV does not ensure that a liquidator can receive, move, or sell AA_FalconXUSDC after a borrower defaults.

Because the asset is permissioned, a prospective liquidator may need to appear on the issuer's whitelist before taking custody. Even an approved party could struggle to sell the position immediately if the token has limited secondary-market liquidity.

"Reliable pricing is necessary but not sufficient," Kazmierczak said. "Pricing solves the 'what is it worth' problem; execution/liquidity access is a separate problem that needs a permissioned settlement mechanism.

RedStone开发了Settle，以通过拍卖清算或赎回权利来解决执行阶段，拍卖对象为已完成客户身份验证的白名单解算者。Kazmierczak表示，选定的解算者可以控制资产，并使用发行人的常规赎回渠道，而不必依赖开放的二级市场。

该公司于2026年5月推出RedStone Settle，作为用于DeFi借贷的受限现实资产的结算层。其设计将价格发现与转移和赎回许可代币所需的法律和操作流程分开。

Pareto报告称，其代币化私人信贷产品的总锁定价值约为2.25亿美元。FalconX信用金库是与该集成相关的第一个Pareto产品，随着Pareto在其他网络上部署更多金库，计划提供额外的净资产价值（NAV）数据。

根据RedStone的说法，其基础设施为超过200个客户提供超过110条链的数据，包括Securitize、Morpho、Pendle、Spark和Compound。该公司还为代币化产品提供定价数据，包括BlackRock的BUIDL、Apollo的ACRED和Hamilton Lane的SCOPE。
阅读更多：Compound以高达87%的LTV开启USDC市场