On-chain Yu'ebao (a popular Chinese money market fund in China) requires more than just looking at the yield; it's crucial to consider the source of the returns and whether you can withdraw them instantly. USDC and USDT in wallets often have a 7-day redemption period. Despite high returns, they are vulnerable during market downturns. While traditional finance has long had money market funds and Yu'ebao-like services, crypto wallets have been lacking in this area. TopNod Wallet (a wallet developed by Ant Financial) integrates with Axil APT Vault, targeting this gap. Ant Financial is ultimately the one to create an on-chain Yu'ebao. Deposits are made through TopNod Wallet. The APY is approximately 8%, with an initial size cap of $15 million. T+0 instant redemption is available, but the amount is limited, potentially requiring up to T+7. Previously, most investments on the platform were made on the same day or the next day. An 8% stablecoin yield isn't low. Many investment products require 7-day redemption because their returns are based on arbitrage, and each opening and closing of positions incurs losses, making T+0 impossible. APT's returns partly come from real-world consumer loans and BNPL (Buy Now, Pay Later) receivables, unlike the revolving lending and yield-stabilizing model in DeFi. The returns are paid by real borrowers, not subsidies or arbitrage, and come from traditional lending, resulting in relatively stable returns. While consumer loan returns are linked to default rates, lenders are required to undergo due diligence and hold proof of reserve (POR) for continuous monitoring, making transparency difficult for other projects to replicate. APT also allocates to cash, MMF (money market fund), and highly liquid assets to balance the conflict between returns and liquidity. TopNod's underlying yield products have been featured in several USDC promotions on Binance Wallet, OKX Wallet, and SUI Wallet, which I participated in a few times. During the recent bear market, I kept my funds in the wallet for investment, and the high returns were suitable for the bear market, although there was a three-month lock-up period. Now, with the official launch of this "Yu'ebao" (a popular Chinese money market fund) product, it's clearly targeting users with higher liquidity needs. It offers 8% interest during normal times, allowing for immediate buying and adding to positions when the market recovers.