When I saw the new products srUSDat and PT USDat launched by Binance Wallet, my first reaction was that the previously institutionalized on chain credit products can now be accessed by ordinary users. Let's talk human first! USDat itself is more like the settlement layer of the US dollar: liquidity, exchange, and entry and exit are all convenient. The truly profitable layer is the digital credit at the back, @Saturn_credit connects funds to Strategy's preferred stock product STRC, pools dividends, and breaks them down into different risk tiers. SrUSDat is the priority level inside: take money first, target returns are roughly locked in at around 65% of STRC dividends, and volatility and strategic risks are borne by the secondary level first. For those who do not want to directly bet on the STRC price but want to access the on chain credit cash flow, this structure is much more realistic than "buying preferred stocks and hedging on their own". PT USDat is another path. Pendle separates the principal and income, and PT is equivalent to buying a maturity redemption right at a discount. Locked is a fixed income position that will not be settled until early next year. Repay the corresponding principal amount as agreed upon upon upon maturity, with less fluctuation in returns in between. The significance of including these two items in Binance Earn is to lower the threshold. Previously, one had to bridge, enter Pendle, check Coverage Ratio, and handle redemption fees and queues on their own; Now it's like stuffing the 'on chain credit positions available next year' into an interface that already has funds, accounts, and redemption paths. For most people, this is closer to real-life usage scenarios than building their own DeFi portfolio. Personal Participation Strategy: ·Conservative/defensive strategy: You can configure a portion of PT USDat to set the tone for future returns, regardless of whether market interest rates rise or fall. ·Enterprising/Offensive Strategy: Configure srUSDat to dynamically capture the high returns brought by the active credit market on the chain. Finally, it should be noted that srUSDat is not a risk-free deposit: when the secondary buffer is exhausted and the Coverage Ratio drops below 100%, the priority level will also receive negative returns; STRC itself is a product on the company's credit and Bitcoin balance sheet, not treasury bond; Smart contracts, redemption fees, lock up periods, platform custody, all layer by layer. The yield and limit may change, and the terms are subject to the page. I actually think that what deserves attention about srUSDat and PT USDat is not how high their short-term APR is, but the product direction they represent behind them. The future on chain returns may not just be about "depositing coins to earn interest", but will increasingly approach a complete on chain credit and asset allocation market. Of course, this type of structured product is not risk-free, and it still depends on the underlying assets, maturity, liquidity, and mechanisms of different risk levels. Before participating, one still needs to conduct their own research.