Almost every dollar of yield in the world is tied to the Fed. 

But what if it didn't have to be? 

A short post on the rise of non-rate-correlated yield and why stablecoins are the unlock: 

I briefly walk through this concept and touch on how we're building towards it with Crowd Liquidity @eco. 

This category is still early but I believe the opportunity is massive.

https://open.substack.com/pub/capitalcontrol/p/productive-dollars?r=7376l&utm_campaign=post&utm_medium=web

This kinda of yield is almost non-existent in TradFi. 

But with stablecoins, it's now possible to have programmable dollars earning fees on open networks. 

No leverage and no central bank. 

Most people chase yield when rates are high and take too much risk when rates fall. 

What we're missing is a third path: structural yield on USD not based on interest rates, but on economic activity itself.