BlackRock's submission for a stakable Ethereum ETF essentially states a big truth: returns will become the 'standard configuration' of the next mainstream narrative.
But don't celebrate too early. Once returns are packaged into an ETF, it means they are easier to price, to package, and to gate—what you get is a more convenient entry, but at the same time, you may also face more fixed rules, slower responses, and less composability.
And the most fascinating aspect of the crypto world is precisely this: returns are not limited to financial products; they can be directly written into the protocol structure. So I pull the subject back to USDD: If what you want is 'a dollar more like cash + an explainable mechanism for enhancement,' the path of USDD 2.0 is actually more direct.
I will explain the cash logic of USDD again, but this time I will also elaborate on 'returns':
Stability foundation: Over-collateralization makes solvency stronger; PSM allows for faster anchoring repairs; multi-chain native allows for freer capital migration.
Return closed loop (understand with caution): sUSDD, as a value-capturing vehicle, typically reflects value accumulation through changes in exchange ratios; you can understand it as 'cash certificates becoming thicker', but it must be based on the current page and does not constitute any guarantee.
Risk control boundary: No return can be risk-free; the key is whether you can understand where the risks come from and whether the exit path is smooth. The advantage of USDD is that it lays most of the risk on-chain, allowing you to verify collateral and the logic of modules rather than just believing in the marketing.
When BlackRock puts on-chain returns into ETFs, it indicates that 'returns' will become more mainstream and institutionalized. Institutionalization brings convenience but also thresholds. The more convenience you need, the more you need to retain a native on-chain path. The existence of USDD allows you to still manage 'cash' in a more native way in an era where returns are productized.
Disclaimer: The above content is the personal research and views of 'carving a boat to seek a sword', intended only for information sharing and does not constitute any investment or trading advice.
