I have always believed that stablecoins for on chain users should not just lie in their accounts, but should become a fund account that can generate profits. More importantly, it is best for these funds to continue participating in trading, pledging, and serving as margin to further improve the efficiency of the funds. So I have always felt that there is a lot of room for interest bearing assets. The underlying business is actually on chain asset management. One of the biggest businesses in the financial world is asset management. A friend recently mentioned Unitas @ UnitasLabs to me, saying that $UP has been rising since its launch. I didn't participate in this project before, at first I just casually looked at it. But after reading it, I found that it has been taking many actions recently, and it no longer looks like a single stablecoin project, but more like a multi asset, multi strategy on chain interest bearing asset layer on BNB Chain. 1. Unitas currently has three main lines: 1) USDu/s USDu: interest bearing assets in US dollars, deployed in Sol and BSC, TVL of approximately 60 million, APR of approximately 10%. 2) XGLD: Gold interest bearing asset; (Newly launched) 3) US stock spot+stock perpetual strategy: stock capital rate returns. (Newly launched) If we only look at USDu/s USDu, it does indeed resemble a yield based stablecoin project. But with the addition of XGLD and US stock strategies, its positioning has changed: it is not just issuing a stablecoin, but attempting to turn different assets such as the US dollar, gold, and stocks into on chain assets that can generate returns. 2. I think the most interesting changes here are two. The first one is XGLD: Gold is one of the most widely recognized assets globally, but most of the time, it is only a holding asset and does not generate cash flow. Unitas doing XGLD essentially extends the logic of "interest bearing assets" from the US dollar to gold. It is not about letting users bet on the rise and fall of gold, but about hedging against fluctuations in gold prices as much as possible, so that the asset of gold can also generate returns on the chain. The second one is the US stock strategy: Simply put, it means holding US stock spot while shorting the corresponding perpetual contract of the stock, trying to hedge against price fluctuations, and then capturing the capital rate returns in the perpetual market. This is similar to how people used to arbitrage BTC and ETH fund rates in the cryptocurrency industry, except that the underlying assets have expanded from cryptocurrency to gold and US stocks. 3. This change is crucial because the funding rate in the cryptocurrency industry itself has cycles. The high demand for leverage and active trading in a bull market naturally lead to good returns; When the market cools down, the funding rate may decrease or even become negative. If a protocol relies solely on a single cryptocurrency funding rate, the returns will inevitably fluctuate significantly with the cycle. But if it can expand its sources of income to gold, US stock funding rates, and more realistic asset strategies, the entire income structure will be more diversified and have more room for imagination. Of course, this is not a risk-free return. The perpetual market for stocks is still early, and liquidity, hedging slippage, exchange risk, and fluctuations in funding rates all require continuous verification. So I actually think it's reasonable for Unitas to use $3-5 million to validate their position first. First, conduct small-scale testing of execution, hedging, earnings stability, and risk control, and then decide whether to expand the scale. This is more reliable than shouting out billions of funds at first. 4. Looking at the BNB Chain ecosystem, the position of Unitas is also quite important, similar to Ethena. BNB Chain does not lack users, transactions, or stablecoin assets, and there are also many entry points and asset terminals such as Binance Wallet. BNB Chain needs not only more trading products, but also an interest bearing asset that can handle user balances and real assets. Let users' money not just lie in their accounts, but have more options for earning profits under the premise of controllable risks. For Unitas or other BNB ecosystems, whoever can securely handle users' on chain balances, and who can continuously find new sources of income under controllable risks, has the opportunity to become the next generation of on chain asset management entry points.