操蛋了,刚才不小心删除了,最近在深度跟踪@Theo_Network的项目,刷到他们官号那条推文时,又忍不住多看了几眼: $thBILL 的底层抵押品是最高等级的短期美债,而 $ULTRA 直接由渣打银行旗下Libeara发行,还拿到了Particula的AAA和S&P的AA+f评级。这事儿放在整个RWA赛道,其实挺有标志性意义的。
先说数据:2025年了,tokenized T-bills总规模已经冲破20亿刀,黑岩的BUIDL、Ondo的OUSG、OpenEden的TBILL都跑得飞快。但大多数产品评级要么没有,要么只是内部审计。
ULTRA是少数敢请外部顶级评级机构下场的——S&P你懂的,那可是传统金融的裁判长。为什么评级这么重要?因为它直接回答了投资者最怕的问题:万一发行方跑路、底层资产不实怎么办?AAA/AA+f基本等于告诉全世界:信用风险接近于零。
RWA真正的分水岭不是谁TVL更大,而是谁先把机构级信用带到链上。thBILL/ULTRA这条线,渣打+Libeara+S&P的组合拳,已经把门槛拉到别人短期追不上的高度。我个人非常看好Theo在这条赛道能吃到最大一块蛋糕。原因很简单:流动性做得最好(Hyperliquid、Morpho、Euler全覆盖),收益又真实可验证。
2026年美债收益率大概率还要高位震荡,这类产品会成为DeFi的新现金既能当stablecoin用,又能持续吃息。
如果你还在用USDT/USDC躺着吃低收益,不如来试试thBILL,真实感受一下什么叫带着政府信用上链。
#TheoNetwork #thBILL #ULTRA @KaitoAI
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