Where Yield Comes From
@wycf_show
New media for the capital arriving onchain.
S1 - NYC: The masterclass series where onchain companies explain their yield.
1 Following 1.5K Followers
In 2025, S&P Global issued a credit rating for a decentralized asset. First time in history.
The track record behind USDS starts in 2015, before Ethereum mainnet was live.
A TradFi credit instrument starts at 90 cents and matures to a dollar. It has a vintage and an end.
A yield-bearing token starts at 1.00 and climbs forever.
The difference is whether the loans arrive all at once or one at a time.
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An AI company commits $250M over three years for compute.
The GPUs cost $150M upfront.
@USDai_Official lends 80% of that, the borrower posts the rest, and the spread over three years is the yield.
@0xZergs breaks down the structure.
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The United States is about to spend more money than at any point in its history. $7 trillion over five years on AI infrastructure.
A single one-gigawatt data center uses as much energy as the city of Denver, and there are hundreds being built.
@0xZergs on why capital markets can't keep up.
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Ask your LLM where sUSDai yield comes from.
The full episode is published as a .md file, with a live dashboard powered by @stablewatchHQ on the episode minisite.
Feed it to your model and do the research.
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Nvidia will sell about $500B of GPUs next year. Buyers will pay closer to $700B once the interest is counted. That $200B of debt is the second business hiding inside AI.
@0xZergs breaks down how @usdai_official underwrites it, and where the yield comes from.
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The United States is about to spend more money than at any point in its history: $7 trillion over five years on AI infrastructure.
The capital markets that fund it can't move that fast.
Tomorrow @0xZergs draws the gap on the whiteboard.
Episode 04: ethereum:0x0b2b2b2076d95dda7817e785989fe353fe955ef9, 10:00 ET.
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"We’re not getting yield from DeFi games"
@Benjamin918_ gives three reasons to trust @CapApp: automation, principal protection, and yield that survives a bear market.
Episode 2 opens with a critique of the onchain industry: DeFi yield comes from one place, Bitcoin markets.
What if someone imported yield from somewhere else?
Weeks ago rsETH broke and DeFi depositors lost hundreds of millions.
@Benjamin918_ explains why that same event, inside @CapApp, doesn't create bad debt.
stcUSD from @CapApp pays stablecoin yield from manufacturing plants, film productions and global trade.
@Benjamin918_ breaks it down end to end: where the yield comes from, who takes the first loss, what happens if the collateral breaks.
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Cap's CEO believes most DeFi yield is one bet on Bitcoin, wearing three costumes.
He presents an alternative: @CapApp's stcUSD, yield imported from the productive economy.
Episode 02, @Benjamin918_ - Tomorrow, 10:00 ET.
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Half of the leading yield-bearing stablecoin is backed by other stablecoins.
The rest: T-bills through BlackRock's BUIDL, loans against BTC and ETH, AAA CLOs, and private credit.
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If sUSDS breaks, the stablecoin users are the last in line to take a hit.
Every episode comes with the full data breakdown, verified by @stablewatchHQ. And it's published as clean .md files.
Drop them into your LLM and do the research:
sUSDS from @SkyEcosystem is the largest yield-bearing stablecoin onchain.
@stablecoin_p breaks it down end to end: where the yield comes from, who carries the risk, what happens if the collateral breaks.
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A yield product gets one shot to explain itself. Completely. To the capital that decides where the money goes.
Episode 01: @SkyEcosystem's sUSDS with @stablecoin_p from @OseroHQ.
Tomorrow, 10:00 ET.
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