Over the past two years, the keyword in financial markets has been firmly locked in on "high interest rates." The Federal Reserve has continued its tightening policy, and U.S. Treasury yields have remained relatively high for an extended period. For traditional investors, this signifies a rare opportunity window, as government bonds have once again become synonymous with stable returns. A significant amount of capital has begun to flow back into the bond market, seeking predictable returns in a turbulent environment. This situation has not only altered the allocation patterns of traditional assets but has also gradually transmitted to the crypto industry, forcing it to seek new ways to connect with traditional finance.
However, the crypto world has appeared somewhat awkward in this process. Stablecoins, while playing an important role in trading and settlement, are essentially just mapping tools for the U.S. dollar, and users cannot directly share in the benefits of the high interest rate era of the dollar. In other words, stablecoins solve liquidity issues but do not address the problem of appreciation. For crypto users accustomed to high risk and high volatility, finding a low-risk, stable return channel on-chain has become an urgent need.
It is against this backdrop that the tokenization of RWA (Real World Assets) has gradually become a trend. It is not merely the concept of "asset on-chain," but rather, through the transparency and liquidity of blockchain, it connects the return logic of traditional finance to the crypto market. This trend provides a new narrative space for crypto wealth management. The newly launched wealth management voucher GUSD by Gate is a product of this trend, attempting to provide a "on-chain government bond voucher" for the market beyond stablecoins.
In terms of positioning, GUSD differs from traditional stablecoins; it not only represents a 1:1 exchange with the U.S. dollar but also carries the real interest of government bonds. This makes its essence closer to a wealth management voucher, backed by clear cash flow support. When users hold GUSD, they not only possess a digital alternative to the U.S. dollar but also gain stable returns from low-risk assets like U.S. Treasury bonds. This positioning is quite unique among current crypto products.
Functionally, the ecological entry of GUSD is already quite complete. First is the minting function, where users can exchange GUSD on the "on-chain earning" page of the Gate platform at a 1:1 ratio using USDT or USDC. After the exchange, holding GUSD automatically generates returns, with the current initial annualized yield at 4.40%. These returns come from the underlying U.S. Treasury bond interest and part of the platform's ecological income, which will be directly credited to the spot account, achieving a compound growth similar to fixed deposits. This means users can experience the inflow of traditional financial interest on-chain without complex operations.
Secondly, there is spot trading. Gate has launched multiple trading pairs including GUSD/USDT, BTC/GUSD, ETH/GUSD, BNB/GUSD, SOL/GUSD, XRP/GUSD, TRX/GUSD, HYPER/GUSD, and ADA/GUSD. This breadth not only ensures the liquidity of GUSD but also allows it to truly function as "currency" in the crypto world. In the future, the platform plans to introduce GUSD into contract trading, leveraged lending, trading bots, copy trading, instant exchanges, regular investments, Launchpad, and more scenarios. This gradually expanding strategy reflects Gate's ambition to establish GUSD as a cornerstone of crypto finance.
The most noteworthy feature is the Launchpool staking. On August 29, 2025, at 18:00 (UTC+8), Gate officially launched the first GUSD staking pool, corresponding to the 304th project CeluvPlay (CELB). Users can stake GUSD to share in a reward of 6,428,572 CELB tokens, with rewards distributed hourly, and the estimated annualized yield reaching as high as 365%. This design not only provides high return attractiveness but also enhances the stickiness of GUSD within the ecosystem. It is not just a wealth management tool but also an entry point for users to participate in the platform's growth.
Additionally, GUSD has been integrated into the YuBiBao, unified account margin, and lending system, meaning users can not only manage wealth through GUSD but also use it for collateralized loans when they need to rotate funds. This multidimensional application scenario makes GUSD from its inception not just a single product but a core component of a complete financial infrastructure.
In the crypto market, transparency and trust have always been focal points of controversy. Especially in the RWA sector, ensuring that on-chain tokens match real-world assets off-chain is the primary concern for users. GUSD has made relatively clear commitments in this regard. Gate has stated that it will publicly disclose reserve proof on the product page and show the funding certificates from cooperating custodial banks or institutions. This means that all issued GUSD will be backed by sufficient real assets, subject to external verification.
This design for transparency is not only a guarantee for users but also a response to the entire industry. As the global regulatory environment tightens, compliance and information disclosure are gradually becoming key measures of product sustainability. Compared to some products that only emphasize RWA on a narrative level, GUSD attempts to show users the "true face" behind the funds through actual disclosures and custodial arrangements. This is significant for enhancing the product's credibility and attracting a more cautious user base.
In addition to transparency, GUSD also offers differentiated advantages in flexibility. It supports dual-currency minting of USDT and USDC, providing much more operational freedom than products limited to a single currency. Furthermore, in the redemption phase, users can redeem GUSD back to USDT or USDC at a 1:1 ratio at any time, almost equivalent to directly redeeming U.S. dollars. This design further strengthens users' sense of security and trust. It can be said that GUSD's four major highlights—stable returns, backing by real assets, flexible minting, and convenient redemption—constitute its core competitiveness.
From a broader industry perspective, the launch of GUSD reflects an important trend: the RWA sector is moving from "asset digitization" to "return digitization." After stablecoins, wealth management voucher products may become a new core anchor in the crypto market. Stablecoins address cross-border funds and payment needs, while wealth management vouchers address users' asset allocation and return needs, together building the financial foundation of the crypto world.
This change may bring several far-reaching impacts. First, the expansion of asset types. Future RWAs will no longer be limited to government bonds but may also involve corporate bonds, real estate trusts, carbon credits, and even artworks. Different types of RWA wealth management vouchers will meet various users' risk preferences, forming a rich digital asset wealth management spectrum. Second, further integration of CeFi and DeFi. When products like GUSD are introduced into DeFi protocols and become important components of collateral or liquidity pools, the gap between on-chain finance and traditional finance will be further bridged. Third, the intensification of transparency and compliance competition. In the future, platforms that can achieve thorough asset disclosure and audit verification will gain a first-mover advantage in the RWA sector, while products lacking transparent mechanisms may gradually be marginalized by the market.
For crypto users, the emergence of GUSD means they can directly experience the stability of "government bond interest" on-chain for the first time. It is both a digital extension of traditional finance and a structural supplement to the crypto world. In a market where liquidity and risk preferences are constantly changing, such products may become the underlying tools for asset allocation.
Overall, the launch of GUSD is not an isolated event but the result of the interplay between industry trends and market demands. Its significance lies not only in providing a new wealth management tool but also in potentially establishing a new "return anchor" for the crypto market. Stablecoins have already proven the value of "digital dollars," while GUSD is exploring the future of "digital returns."
Of course, it still faces challenges: how to maintain transparency? How to operate within the global compliance framework? How to find a balance between stability and innovation? The answers to these questions will determine whether GUSD can grow into a cornerstone of the industry. But regardless, GUSD has already provided the market with a new reference point. For users, now is a critical moment to rethink asset allocation and seek a balance between volatility and stability. Perhaps looking back in a few years, we will find that the launch of GUSD was the starting point for the crypto market's transition to the era of wealth management vouchers.
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Original article: “Gate Launches GUSD Wealth Management Vouchers, Opening New Imagination for Stable Returns and On-Chain Liquidity”
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