Theo Network ( $thBILL) Core Interpretation: The "liquidity layer" of on-chain national bonds. It does not serve as the largest asset custodian but aims to become the most commonly used on-chain national bond. $thBILL 's competitiveness lies not in scale but in design: its national bond basket structure is like a plug-and-play financial USB interface, allowing DeFi protocols to seamlessly access real-world yields. This explains why it has grown by 60% against the trend and has become the most actively traded on-chain national bond.