Yield-bearing stablecoin is a useless label. Payment rails, bill pass-throughs, delta-neutral books, and managed credit all wear it. They share almost nothing under the hood though. Comparing them on headline APY is comparing a money market fund to a basis trade and pretending the scale is the same. 1. Payment stables are a dollar claim. The classic model parks reserves in bills & keeps the income. Holders get utility - not the yield. 2. RWA pass-throughs send the bill yield to the holder, but the engine still lives offchain: custodians, an SPV, a redemption pipe. When that pipe is closed, you are back on bank settlement clocks. 3. Delta-neutral books harvest funding and basis with a hedge designed to cancel direction. Hot when leverage demand is hot. A different product when funding compresses. Exactly why we’re pushing for more strategies in YieldVault right now. 4. Managed credit is underwriting. A desk prices borrowers. You take manager risk and first loss under a stablecoin ticker. Wherever a label hides the engine, I see opacity. That is usually where the cost sits. The only useful question is the source of the yield. Name that engine in one sentence - then name how it fails. If a product can't do the first sentence, you are underwriting a brand.

Spoke at @consensus_hk about CBDCs and where the industry is heading. If crypto just rebuilds centralized control on new infrastructure, we’ve missed the point.