Many friends are still stuck on the concept that RWA = bringing US stocks onto the blockchain. In fact, what RWA should really solve is not the "on-chain" itself but rather to give traditional assets new attributes in the cryptocurrency domain.

When buying US stocks through traditional brokers, aside from dividends (and most growth stocks do not pay dividends), there is basically no additional income. Holding means holding, at most engaging in margin trading, but the threshold is high, the rules are complex, and the costs are not transparent. However, in the cryptocurrency realm, the meaning of assets has never been just holding; they are combinable, collateralizable, yield-bearing, and cyclical financial building blocks.

Therefore, the real value of on-chain US stocks is not just allowing investors to buy stocks in a different place but transforming "stocks" into assets that can enter DeFi, generate income, release liquidity, and be strategically managed. This is the core reason for enticing users to buy US stocks on-chain and for projects to issue on-chain US stocks.

The New York Stock Exchange definitely wants to move the traditional brokerage system on-chain, but that path is too long. Regulation, clearing, custody, settlement cycles, compliance identities, and cross-border restrictions—each of these cannot be solved by just one "chain." Currently, those platforms that have successfully bridged the most critical link first by tokenizing assets and then connecting them to available financial scenarios on-chain are the ones truly making a significant impact in the market.

The reason Ondo has garnered attention is that it was an early mover in RWA, and its collaboration with traditional financial giants like BlackRock makes it easier to gain trust in asset backing and compliance narratives. But more importantly, Ondo addresses the asset side, while @TermMaxFi helps Ondo tackle the issue of DeFi yields on US stocks.

If the on-chain US stocks that investors buy on Ondo just sit there, they are still merely stocks in a different packaging. What truly transforms them into crypto assets is whether they can enter the DeFi circular system. This is what TermMax aims to achieve.

Once users hold Ondo's tokenized US stocks, they can use them as collateral in TermMax to borrow stablecoins or let them enter specific wealth management systems to be utilized by market demand. This way, yields no longer come solely from stock price fluctuations or dividends, but from on-chain lending demand and funding market pricing.

In fact, what RWA funds care most about is order, and the core of order is certainty. In traditional finance, fixed rates are the most basic pricing tool, while one of the biggest problems in DeFi is the fluctuation of interest rates and uncontrollable costs, making risk control impossible for institutions.

TermMax's focus on fixed rates is primarily achieved by breaking down lending into bonds with maturity dates, allowing the interest rate to shift from protocol terms to market prices.

Simply put, after the borrower collateralizes assets, they do not directly take money from the pool but generate a "maturity payment certificate," which can be treated as a zero-coupon bond on-chain. This certificate can be redeemed at a 1:1 ratio at maturity, but before maturity, it will trade at a discount in the market. The discount reflects the interest rate.

If the borrower needs stablecoin liquidity immediately, they can sell this "maturity payment certificate" for cash. The price at which it is sold determines their financing cost, and once sold, it is locked in, so any subsequent market fluctuations won't alter the cost structure of this loan.

Meanwhile, if the lender seeks certainty of return, they can buy the discounted certificate with stablecoins and, upon maturity, redeem it at face value at a 1:1 ratio. Essentially, the yield is determined at the moment of purchase, and it won't change due to surging market interest rates thereafter.

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