This article, drawing on the U.S. crypto market's structural Clarity Act and related discussions at the Davos Forum, systematically analyzes the true sources of stablecoin yield from financial principles. It dissects the four mainstream models using "first principles": on-chain lending, RWA, centralized wealth management, and algorithmic subsidy models. Sustainable yield must answer two fundamental questions: "Who is paying?" and "Where is the capital flowing?" Stablecoin yield is essentially the on-chain reconstruction of the age-old financial concept of interest, evolving from fringe experiments into a component of financial infrastructure being taken seriously by global policymakers.

"This is not a Web3 experiment, but a formal choice by a Nasdaq-listed company for the path of bringing real-world assets on-chain."

重置、重建、重构Web3。

PicWe 宣布与 DigiFT 达成战略合作。作为 DigiFT 的首个全球链上分发合作伙伴，PicWe 带来创新的技术架构，包括免桥接的全链互操作性以及 PicWe 推出的全链稳定币WeUSD。这些能力共同解决了当前 Web 3 生态中流动性碎片化与跨链分发的痛点。

区块谷是一家全球领先的RWA加速器，帮助传统企业与Web3项目从链下驶入链上，从本地走向全球。

BlockValley and Dentons will jointly build a RWA compliance issuance framework to promote the implementation of stablecoin cross-border payments and tokenization technologies.