Many people's impression of Unitas @ UnitasLabs is still limited to being a stablecoin. I recently reviewed their product line and recent actions, and I feel that there is a significant misunderstanding. The project has become an interest bearing asset layer on BNB Chain, constantly generating cash flow. The protocol itself has multiple assets and multiple returns. Recently, XGLD (Gold Yield Strategy) and stock funding rate strategies have been added. For BNB Chain, bear markets can still provide stable returns. The strategy itself has a continuous driving effect on TVL and user participation on the chain. It has always had an annualized return of 10% on Binance Wallet, which is supported by various strategies. What is the difference between stablecoins and interest bearing asset layers? The core of stablecoin projects is anchoring and liquidity, earning issuance spreads that are not directly related to users. The logic of the interest bearing asset layer is different. The problem it needs to solve is how to make on chain assets productive and generate sustainable cash flow returns. The current core products of Unitas are USDu and sUSDu. USDu is the asset layer of the US dollar, backed by a combination of collateral assets and income strategies. USDu is the interest bearing version of USDu, and the returns come directly from the strategy behind USDu. For most stablecoin projects, the returns on reserve assets belong to the issuer and are not related to the holders. Unitas' approach is to transfer strategic returns to the holders of sUDU, and the core capability of the agreement is to continuously seek, evaluate, and integrate new sources of returns. As long as the new sources of returns pass risk control, they can be added to the strategy portfolio. Recently, Unitas has taken a new action on the strategy side. Introducing equity basis trade, also known as stock perpetual fund rate arbitrage, is an arbitrage profit strategy that is only effective in the cryptocurrency and stock markets. There are many profit strategies that still rely on perpetual capital rates, but due to the crypto cycle, the returns have decreased significantly. The reason why the returns can still be maintained is due to the addition of perpetual capital rates for stocks. The strategic logic is not complicated. Holding spot exposure of a certain stock asset while shorting the corresponding perpetual contract of the stock, both sides offset directional price fluctuations and capture the capital rate returns of the perpetual market, similar to the principle of capital rate arbitrage. Why is this strategy worth paying attention to? Because the funding rate of cryptocurrency itself has periodicity. When the demand for market leverage decreases, profits will shrink or even incur losses. The source of stock perpetuity is different, it comes from the trading demand of users for tokenized US stock exposure, and is not affected by cycles. During the period of weak cryptocurrency, a perpetual stock strategy can provide income supplements and reduce the dependence of sUDU on a single source of income. There is currently no second company running on this road in the BSC ecosystem. Unitas' initial configuration for this strategy is not aggressive, with a scale controlled at $3-5M and overall risk controllable. Once the strategy stabilizes, the scale can be further increased. From USDu to XGLD interest bearing gold, and then expanding the source of income to stock perpetual contract rate arbitrage, the multi asset and multi strategy interest bearing asset layer is its true positioning. The user side remains unchanged in holding USDu for interest, and the underlying strategy changes and supplements according to the market and cycle. Stable coin returns no longer need to be constantly adjusted.