This video is quite cool, blending Brazilian football and Mexican wrestling together. Upon closer inspection, it was discovered that Tenbin was referring to bringing high interest foreign exchange earnings onto the blockchain. This time, two tokenized products were launched: tBRL and tMXN, corresponding to the Brazilian Real and Mexican Peso. In the document, I see that the entire product line of forex is just one of them, and in the future, it can also be expanded to include more real-world assets such as gold, energy, and commodities. I think this product is quite interesting. It is a new direction and category for RWA, similar to Tenbin positioning itself as a new generation RWA tokenized asset issuance protocol. This "new" is not only about the new asset category, but also about the fact that these assets can be traded, redeemed, earn interest, and combined. 1. From a pattern perspective, it is quite different from the common on chain returns in the past. Previously, many on chain profits were focused on US Treasury bonds or the US dollar standard, such as USDT, USDC, US Treasury bonds, lending, and stablecoin wealth management. Tenbin is doing non US dollar real foreign exchange earnings this time, allowing ordinary users to participate in high interest currency earnings such as Brazil and Mexico using USDC. At present, the highest tBRL is about 13%, and the highest tMXN is about 7%, which can be directly pledged after exchange. As RWA expands from US Treasury bonds to gold, forex, and stocks, forex, the world's most liquid market, is also being packaged as on chain assets. The core of Tenbin is innovative exploration using futures liquidity from traditional markets such as CME. 2. From the perspective of revenue sources, it is not a token subsidy or simple borrowing, but rather comes from real foreign exchange arbitrage trading and futures market structures. It is to package the mature foreign exchange hedging strategy in traditional finance into on chain assets. The user hands over the funds to the agreement, and the agreement achieves profits through strategies. Tenbin is equivalent to establishing corresponding foreign exchange or gold futures exposure in traditional markets such as CME, and achieving strategic returns through contract rolling, discounting, basis returns, etc. Users do not need to actually hold Brazilian reals or Mexican pesos. 3. The highlight of this model is that it is not just about buying a forex token, but may become a new on chain revenue Lego. TBRL/tMXN can be directly traded in USDC, pledged for interest, and maintain on chain liquidity. In the future, if lending protocols such as Morpho/Euler are integrated, DeFi scenarios such as collateralization, lending, and revolving leverage can be entered, further replicating traditional forex carry trades: long high interest currencies, low interest USD financing. Because this direction is imaginative, Tenbin completed a seed round financing of approximately $7 million in January, led by Galaxy Ventures with participation from Wintermute Ventures, FalconX, GSR, and others. 4. This is not a risk-free return. The biggest risk of forex arbitrage trading is exchange rate fluctuations. If BRL or MXN depreciates significantly against the US dollar, profits may also be consumed. However, in the past few years, BRL and MXN have performed well against the US dollar and have both appreciated, which is equivalent to enjoying a compound return of interest rate spread and exchange rate at the same time. Compared to some underlying opaque high-yield products, foreign exchange risk is at least more intuitive: exchange rates have publicly available prices every day, interest rates have publicly available benchmarks, and regulated exchanges such as CME have real trading volumes, making exit paths relatively clearer. 5. How to participate is also very simple: exchange USDC for tBRL or tMXN in Tenbin, and then pledge to earn profits. The focus of the new asset category in the future is on several points, such as whether APY is stable, whether USDC redemption is smooth, the exchange rate trend of BRL/MXN against the US dollar, and of course, whether there are points or ecological incentives. I personally think Tenbin's innovation lies in building a more universal RWA tokenized asset issuance model. If this model works, DeFi's revenue assets will not only be in US dollars and US bonds, but will truly enter the era of multi asset, multi currency, and multi commodity.