After 5 years, I saw UST again, but this time it’s USST with two S's. I didn’t expect that the original stablecoin track of USDT would still have opportunities to squeeze in until I saw the uniquely conceived project @stbl_official in the past couple of days. If you are an old player in DeFi, you should understand that the logic of USDT is fundamentally different from that of the US dollar. A stablecoin is not equivalent to the US dollar; behind it, there is a continuous generation of profits, and this part of the profit is the earnings of the stablecoin issuer. Taking USDT as an example, Tether uses users' dollars to buy U.S. Treasury bonds or money market funds, which have an annualized return of around 4%–5%. But these earnings are not shared with users; they all belong to Tether, and users only hold a "token pegged to 1 dollar." STBL seems to be preparing to disrupt this pattern. I looked at its background, and it turns out to be a project led by Tether co-founder Reeve Collins, who designed a brand new "three-token model" that separates principal and earnings: ① USST: a stablecoin pegged to 1 dollar; ② YLD: a yield-bearing NFT, where users can automatically receive real interest just by holding it; ③ STBL: a governance and value-capturing token. The biggest highlight is YLD: Users holding USST can not only earn passive income but also use USST in DeFi. Even just doing the most basic lending and borrowing can yield double returns from the start. According to the project’s documentation, the underlying earnings come from RWA assets, such as Treasury bonds, money market funds, and private credit. However, at the end of the day, stablecoins cannot just be viewed through the lens of earnings. No matter how well the mechanism is designed, it is meaningless if safety cannot be guaranteed. On one hand, the use case of USST is crucial; which major DeFi projects it can partner with will determine whether users have confidence in them. On the other hand, the transparency of their RWA assets backing is also a question worth considering. But from a business model perspective, STBL has cut into a very good angle, attempting to share the underlying Treasury bond earnings with users, aiming to elevate the stablecoin track to new heights. For now, let’s not talk about the exaggerated idea of disrupting USDT; even capturing just 5% of the market share from a business model perspective would be a very successful design. It is said that BlackRock's BUIDL and ONDO are about to collaborate with them, so let’s look forward to their future actions.