The day before yesterday, someone in the group asked: "USD1 has risen to 1.0039, should I still buy in?" I didn't say anything at the time, silently doing some calculations. With a principal of 5000U, even if you enter at the "high price" of 1.0037, the annualized return after locking in for 30 days can still reach about 15%. In comparison, bank financial products have an annualized return of less than 3%. This isn't about taking over, but rather about finding an obvious opportunity.

The key question is—why is the premium still worthwhile? Let's break down the numbers. If we calculate based on the non-premium base price of 0.9993, the direct pledge's annualized return can reach 20.18%. Even if you buy at a higher price in the market now, within the short-term 30-day investment cycle, because the protocol's own yield model is solid enough, the final annualized return still remains around 15%. It's like a popular restaurant with long queues; even if you pay a premium to buy scalper tickets to get in, it still feels worth it after dining—because the product itself is so strong.

The operational logic behind this isn't complicated. Rather than saying USD1 is just a stablecoin, it's more like a "yield container" within a certain ecosystem. That 20%+ annualized return isn't just wishful thinking; it's driven by a layered yield mechanism: part of the funds are allocated to real-world assets (RWA) generating returns, combined with the protocol's incentive design. These two layers stack up to produce this figure. Compared to traditional finance's "fixed + weak" yield structures, this model is clearly much richer.