The carry trade is one of the oldest plays in macro. Borrow where rates are cheap, hold where they're high, pocket the spread. Currency carry just never had a home onchain because almost everything here is dollar-denominated. That's what caught my eye with Tenbin. tBRL and tMXN basically give you tokenized BRL/MXN exposure with a yield tied to their local rates, somewhere around 13-14% on the real. If these end up usable as collateral on eg. Morpho/Euler to borrow USDC, you'd basically have the full trade onchain, the local yield working for you while cheaper dollar debt funds it. And the yield isn't from token emissions. It's generated from the FX side and captured through Tenbin's futures setup, fully backed by USDC.(Route 2 FI)