I am writing this article because many friends have recently asked: Are stablecoins reliable? Is Tether really safe? Why are more and more institutions discussing RWA (Real World Asset)?

I want to take this opportunity, using the current market's discussion hotspots, to talk with you about the underlying logic behind stablecoins—especially the distinction between Tether and RWA US Treasury bonds.

We all know that stablecoins are the lifeblood of the entire cryptocurrency market, and Tether is undoubtedly its pioneer.

What is Tether?

Tether is the company that first issued the USD stablecoin USDT. In simple terms, it promises that for every USDT issued, there is an equivalent asset in US dollars as collateral (mostly US Treasury bonds and cash).

This model indeed supported the early prosperity of the crypto world, but problems also arose:

  • Users exchange their money for USDT but cannot share in the profits generated by US Treasury bonds;

  • Tether uses users' money to buy US Treasury bonds, earning billions in interest each year;

  • Risk, trust, and operational control are concentrated on the platform, making users 'fund providers without voting rights.'

It's like you deposit money in a bank, the bank uses it to buy financial products, and all profits go to it—you only get back the principal—hoping it doesn't crash.

So how does RWA US Treasury bond do it?

The essence of RWA is to map off-chain real-world assets (such as US Treasury bonds) onto the chain.

Imagine a new stablecoin mechanism:

  1. Off-chain custody of US Treasury bonds, corresponding to the issuance of on-chain token X (1X = 1 USD face value of US Treasury bonds);

  2. Users can mint U stablecoins by collateralizing X at a 1:1 ratio, referencing the DAI mechanism;

  3. X can enjoy coupon interest and can also be freely traded on-chain, forming a secondary market for US Treasury bonds;

  4. U can be redeemed for X at any time, and X ultimately redeems real US Treasury bond maturity returns off-chain.

This system has several key advantages:

  • On-chain assets are transparent and auditable;

  • The system has real yield capabilities;

  • The value behind U is more real and robust.

In other words, RWA US Treasury bond stablecoins are supported not by trust, but by 'real coupons + redemption logic.'

Compared to Tether, this is the true DeFi upgrade.

Let's take a look at Tether's current structure:

  • Users buy USDT, and Tether uses this money to buy US Treasury bonds;

  • US Treasury bonds earn interest, but all coupon interest goes to Tether;

  • Users bear risks related to trust, minting, and redemption, yet receive no distribution of profits.

What is this? This is the old template of centralized finance applied to the shell of a new world.

And based on the RWA model, the protocol can reasonably charge:

  • Stability fee (to maintain peg to the dollar)

  • Transaction fees (X-U swaps or secondary trading)

  • Coupon management fees (platform operators participate in profits)

Users have the initiative, on-chain assets are clearly visible, truly realizing **'stablecoin profits belong to the community'**.

A disruption of trust structure

This is not just an iteration of product structure, but a reconstruction of value distribution logic.

Tether's rise came from the trust vacuum in the early crypto days, but now the market is more mature, regulatory compliance is advancing, and users' demand for 'transparent profits' is becoming stronger.

RWA US Treasury bond stablecoins are not only a technical upgrade but also a 'table-turning revolution' against the Tether model.

Future stablecoins will no longer just be 'pegged to the dollar,' but will rebuild the interest rate logic, funding logic, and credit logic of the dollar itself on-chain.

This is a path to the orthodoxy of DeFi and a revolution for the crypto market to regain its liquidity sovereignty.

Whoever can land first has the chance to become the next USDT—
But this time, it belongs to the on-chain consensus participants, not a black box hidden behind bank accounts.

I am Jiang Nan, we seek certainty within the rules of the crypto circle and bet on structural winners in future narratives.

If you enjoy such observations of the crypto world, feel free to share, like, or comment.
I will continue to record moments worth discussing and reflecting on from the perspective of an ordinary observer.