Glad to see G go straight to the pain point on USDe. Been watching sUSDe rate drop since 10/10 (now 3.5% APR), and the need for new yield channels is obvious. This shift resembles Sky's USDS model (was actually writing on this piece, tl;dr is I like this model), but what matters most is the actual yield engine: - Can their "High quality liquid RWAs beyond TBills" generate substantial APR e.g. 7%+ APR - Who are the counter parties in "Overcollateralised institutional lending"? More legit = more trust in this new model - How solid is the "Equity & commodity basis exposure" strategy? I believe this depends on their BD skills which they have great track records, and institutional connection. I'll watch this closely, but I'm fairly certain these engines will generate yield for sUSDe above the current 3.5% APR.