Understood!

This kind of gameplay is quite interesting and worth studying!

Tenbin @tenbinlabs today launched tBRL and tMXN, which essentially move the exposure of these two high-yield currencies, the Brazilian real and the Mexican peso, to the chain.

This model seemed quite rare before.

First, looking at the reference yields given by the official source, the highest is about 13% and 7%.

Many friends have messaged me asking: why is this yield so high?

The logic of this product is on-chain FX, simply put, it moves foreign exchange trading, yields, and strategies to the chain.

The yields mainly come from local high interest rates and foreign exchange carry, rather than simply subsidizing by issuing coins, so they are higher than what we understand as yields from dollar stablecoins and government bonds.

Next, I checked out Tenbin platform; what they really want to do is quite significant, more like an RWA asset issuance platform.

Foreign exchange is just the first batch of products; besides tBRL and tMXN, there’s also the gold asset tGLD, and in the future, they hope to cover metals, energy, and other commodities.

It appears they are bringing assets with deep liquidity in the real world, such as foreign exchange, gold, and energy, onto the chain for earning interest, collateral, lending, and combinations.

For example, tBRL and tMXN are done this way, not just simply depositing local currency in a bank and issuing tokens, but constructing exposure through regulated market foreign exchange futures, then using dollar stablecoins to support collateral and redemption.

The yield mainly comes from local high interest rates and foreign exchange carry, rather than simply issuing coins for subsidies.

So, with high yields, the risk will also be higher. Continuing with the example of tBRL and tMXN, where is the risk?

While you earn the interest margin, you also bear currency exchange, futures roll-over, liquidity, and off-chain execution risks. If you earn 13% interest but the BRL depreciates by 15% against the dollar, you may still lose money when converting back to dollars.

Honestly, I like this idea because transforming foreign exchange, gold, energy, and commodities into foundational assets that can be used in DeFi is indeed the most worthwhile thing in RWA.

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