Recently, I’ve noticed a pretty interesting yield product logic—it doesn’t require you to directly hold stablecoins, yet you can still earn USD-denominated returns.

The core mechanism of these products is integrating institutional-grade RWA (Real World Assets), but at the product level, they eliminate currency risk and issuer risk. You don’t have to worry about a stablecoin suddenly depegging, nor do you need to monitor the issuer’s reserve reports—the risk management is built directly into the product design.

Looking at historical data, this structure has performed quite well. Compared to simply parking stablecoins for interest or directly buying US Treasury exposure, its yield curve tends to be more stable. Of course, this is because institutional RWA itself has a relatively optimized risk-reward ratio, plus the product implements multiple layers of risk isolation.

In short: want USD returns but don’t want to take on the systemic risk of stablecoins? These products offer an alternative. But every investment has trade-offs—the key is to consider which type of risk you’re more sensitive to.