I always thought that the concept of "stablecoins" lacked imagination—— Anchoring 1 dollar, cross chain circulation, what can we do? It wasn't until I saw the USDN launched by @ noble_xyz that I realized this stablecoin was already making money on its own. The first reaction of the siege lion at that time was: Stablecoins are starting to generate cash flow, and the next financial primitive may really be born from here @Latest progress and in-depth interpretation of noble_xyz 1/ The recent "qualitative change point" in the stablecoin market is USDN (Noble Dollar): it is a composable yield stablecoin that is collateralized by US Treasury bonds, giving the stablecoin its own "native returns". Developers can distribute this revenue to users or protocols, making it more like an asset with financial programming capabilities than just a "stablecoin". 2/ Why is' combinable returns' important? In the past, stablecoins were just value anchoring tools, but now their profit attributes are becoming part of the infrastructure. Siege Lion believes that this is a new approach of "turning the cost of capital into product functionality" - in the future, DeFi incentives may no longer rely on high inflation tokens, but rather come from the redistribution of real returns. 3/ The positioning and progress of USDN USDN is supported by short-term US Treasury bonds, with an annualized yield of approximately 4%, and plans to support custom logic for income distribution. At the protocol level, one can choose how to use the profits as payment rebates, staking rewards, or LP incentives to turn the profits into an application growth engine. 4/ Ecological layer upgrade: Noble AppLayer Noble is collaborating with Celestia to build a new AppLayer, with the goal of achieving 100 millisecond block level EVM Rollup for the native application ecosystem of stablecoins (payment, lending, remittance, etc.). Siege Lion believes that this represents Noble's transformation from a "distribution chain" to an "application layer", from a low-level tool to an operating system for financial infrastructure. 5/ Multi chain issuance and interoperability advantages Noble is an important hub for cross chain stablecoin issuance, supporting multiple assets such as USDC, FRAX, USDY, etc. to achieve "one-time issuance, multi chain circulation" through IBC and CCTP. This greatly reduces the technological integration threshold for asset owners and makes fund circulation smoother. 6/ Community and Incentive Mechanism: Points Program After the launch of USDN, Noble launched the Points incentive program and has entered the second phase. Attract community participation through the process of "deposit score reward". Siege Lion believes that this dual mechanism of "profit+incentive" is a key means to make the cold start of the stablecoin ecosystem more natural, and also paves the way for potential governance or airdrops in the future. 7/ Differences from traditional stablecoins USDT/USDC focuses more on compliance and liquidity, while USDN opens up the "right to profit" and allows developers to participate in profit redistribution. The Siege Lion believes that this open model may become the next paradigm for stablecoins: evolving from a simple storage medium to a programmable "revenue carrier". 8/ Challenges and Uncertainty The regulatory environment for stablecoins is becoming increasingly strict, especially for "yield based stablecoins". Noble must find a balance between compliance and innovation. In addition, the ecological construction of AppLayer is still in its early stages, and whether it can attract real payment and lending needs will determine the long-term vitality of USDN. 9/ Observation and judgment of siege lions Short term assessment of whether the real application scenarios of USDN can be quickly implemented; Mid term evaluation of AppLayer's performance and developer ecosystem to see if they fulfill their promises; In the long run, whether "programmable returns" can become the new standard for stablecoins, and whether Noble can become the core node for multi chain fund routing. 10/ The siege lion believes that USDN is a key signal for the evolution of stablecoins: stablecoins are no longer just "containers for storing value", but "asset layers with configurable returns". This may reshape the logic of Web3's capital flow and also open a new chapter in the next round of stablecoin competition.