Recently, there have been more and more discussions about RWA and stablecoins, especially after the impact of Cirlce's IPO. More and more stablecoin project parties believe that stablecoins issued based on US bonds are the most stable and guaranteed fixed income products. However, in reality, there are still few people who do this. On the one hand, although the returns are stable, a yield of only about 4% may not be enough to subsidize the market.