Many people are still stuck in the concept area of RWA, which means putting US stocks on the blockchain. In fact, what RWA should really solve is not the "on chain" itself, but to give traditional assets new attributes in the field of cryptocurrency. Buying US stocks in traditional securities firms, apart from dividends (and most growth stocks have not yet received dividends), has little additional income. Holding is holding, at most doing margin trading and securities lending, but the threshold is high, the rules are complex, and the costs are not transparent. But in the field of cryptocurrency, the significance of assets is never just holding, but rather financial building blocks that can be combined, mortgaged, interest bearing, and recycled. So the true value of on chain US stocks is not to let investors buy stocks elsewhere, but to turn "stocks" into assets that can enter DeFi, generate returns, release liquidity, and be strategically managed. This is the core reason for leveraging users to buy US stocks on the chain and leveraging project parties to issue US stocks on the chain. The New York Stock Exchange certainly wants to bring the traditional brokerage system to the blockchain, but that road is too long. Regulation, clearing, custody, settlement cycle, compliance identity, cross-border restrictions, none of these can be solved by a single "chain". At present, the platforms that truly achieve scale in the market are those that first connect the most critical link, tokenize assets, and then integrate them into available financial scenarios on the chain. Ondo has gained attention here, partly because it started early in RWA, and partly because its cooperation with traditional financial giants such as BlackRock makes it easier to gain trust in asset endorsement and compliance narrative. But more importantly, Ondo solves the asset side, while @ TermMaxFi helps Ondo solve the problem of DeFi returns on the US stock chain. If investors buy on chain US stocks on Ondo and just lie there, they are still just repackaged stocks. What truly turns it into a cryptocurrency is whether it can enter the DeFi cycle system. This is what TermMax wants to do. When users hold Ondo's tokenized US stocks, they can use it as collateral to lend stablecoins in TermMax, or let it enter a specific wealth management system to be utilized by market demand. This way, the returns no longer only come from stock fluctuations or dividends, but from on chain lending needs and capital market pricing. In fact, RWA's funding is most concerned with order, and the core of order is certainty. In traditional finance, fixed interest rates are the most fundamental pricing tool, while one of the biggest problems in DeFi is the fluctuation of interest rates and uncontrollable costs, making it impossible for institutions to control risks. TermMax's focus on fixed interest rates is mainly achieved by breaking down loans into bonds with maturity dates, allowing interest rates to change from agreement based to market prices. Simply put, after the borrower pledges the assets, they do not directly take money from the pool, but generate a "maturity to be redeemed" voucher, which can be treated as a zero interest bond on the chain. This voucher can be redeemed 1:1 upon expiration, but before it expires, it will be traded at a discount in the market. The discount represents the interest rate. What the borrower needs is the current liquidity of stablecoins, so he sells this "maturity redemption certificate" to exchange for money. The selling price determines his financing cost, and once sold, it locks in. No matter how the market fluctuates later, it will not change the cost structure of this loan. What the lender needs is a certain return, so he uses stablecoins to buy discounted vouchers, and then redeems them at face value to get a 1:1 return. Essentially, the yield is determined at the moment of buying, and it will not change later due to the surge in market interest rates.