I saw a video before about a blogger depositing money in a bank in a Central Asian country for a fixed term, with an annual interest rate of around 20%. It left me confused, and a bunch of people asked how to handle it. Obviously, it was not easy to handle, but this type of demand showed me another possibility for RWA. This world is not just about dollars and US bonds Then it was discovered that the Tenbin project was engaged in forex spread trading, such as its tBRL (Brazilian Real) and tMXN (Mexican Peso) The native yield of tBRL is about 12-13%, and the native yield of tMXN is about 6-7%, which is much higher than the US dollar. Yes, because Brazil and Mexico have such high interest rates What's even more impressive is that BRL and MXN have appreciated significantly against the US dollar in recent years Over the past 5 years (2021.5-2026.5), BRL has appreciated by 6.5% against the US dollar and MXN has appreciated by 16.4% But under normal circumstances, we cannot access these assets, but we have RWA, which turns the existing returns in the traditional foreign exchange market into assets that can be held by on chain users Tenbin's model is roughly to use US dollar stablecoins for financing, hold high interest currency assets, earn interest rate spreads, and turn these high interest currency exposures into on chain assets, such as tBRL and tMXN. The operation process is to build exposure to FX futures positions on regulated exchanges such as CME, and then use USDC full collateral to support redemption, avoiding local bank and capital control risks Behind it are off chain CME long positions, on chain morpho US dollar reserves to ensure redemption, and interest consumption, achieving delta neutral positions. Therefore, it can not only be used for foreign exchange, but also for bulk commodities such as energy metals Its returns come from trading high-yield currencies at a discount on the futures curve, and the returns generated by the convergence of the discount are captured by hedging positions and transmitted to holders, yes， These profits are real gains in the foreign exchange market, not the subsidy model of the cryptocurrency circle in the past I think this idea is too impressive because the traditional foreign exchange market itself is the largest market. BRL and MXN also have daily trading volume of $90 billion, but on the chain there are only US dollar assets, completely ignoring the foreign exchange market. The US dollar returns are already very high, and on chain users will definitely look for new sources of income. I think Tenbin's entry is very timely Next up is the explosion of DeFi LEGO combinations. tBRL and tMXN can be pledged as stBRL and stMXN at a slightly higher interest rate, and then you can go to lending platforms to pledge stBRL and stMXN. When lending US dollars, you can reinvest to pledge stBRL and stMXN again, achieving low interest US dollar financing and long on high interest currencies. Isn't it magical We only know how to put US dollar assets on the chain, completely forgetting the traditional foreign exchange market. There are many high interest emerging market currencies in the traditional world, and Tenbin fills this gap. Under normal circumstances, we have no access to interest rate products from emerging countries. The RWA route happens to be able to put these types of assets on the chain, bringing the gameplay of the foreign exchange market to life. This is what RWA should do