#BTC对标贵金属的竞争格局 [Can Bitcoin Become a True Income-Generating Asset?]

In recent years, there has been a perplexing issue - Bitcoin has been globally recognized as "digital gold", with a market value approaching a trillion dollars. However, this wealth just sits quietly in wallets, which seems a bit wasteful. Is there a way for each Bitcoin held to actively generate cash flow?

A new approach has recently begun to be practiced in DeFi: rather than just considering Bitcoin as a store of value, it is better to activate its potential as a "yield-bearing currency." In simple terms, it means fully unleashing its credit value while retaining ownership of Bitcoin.

**How is it achieved? Three core mechanisms:**

First is **direct deposit of credit assets**. Bitcoin, as a globally recognized scarce asset, inherently carries natural credit endorsement. The new protocol design allows you to use Bitcoin directly as core collateral, which is not just simple staking but transforms the scarcity of this global consensus into "monetary capital" that can generate income while maintaining ownership.

Secondly, there is the **automatic compounding mechanism for returns**. Stablecoins (like USDf) minted based on Bitcoin's excessive collateral can be converted into a version with interest-earning attributes (sUSDf) with one click. It sounds complicated, but it's actually just a token that comes with an "automatic appreciation" feature. When you hold it, its value will automatically increase over time—this growth comes from diversified investment strategies in the backend, such as the returns generated from real market operations like cross-exchange arbitrage. Wealth accumulates passively, it's that simple.

Furthermore, there is **cash flow isolation**. Throughout the process, you maintain full exposure to the fluctuations in Bitcoin prices while independently creating a stream of USD cash flow. It's equivalent to using one asset to gain returns in two dimensions - the opportunity for Bitcoin appreciation + the interest returns from stablecoins. The risk has been diversified and hedged.

**Governance and Rights?**

Holders of governance tokens for this type of protocol typically gain several key powers: voting to determine critical parameters of the system (such as collateral rates and fee structures), directly sharing in the massive cash flow generated by the system, and having priority access to new products from ecosystem partners. In simple terms, you are not just a user, but have also become the actual owner of this "currency operating system."

**What does this mean?**

From a larger perspective, this is redefining the characteristics of a "perfect currency." In traditional finance, value storage and value yield are often mutually exclusive—gold preserves value but does not yield, while bonds yield but carry risks. Bitcoin, as a digital asset, has the opportunity to achieve both. It can both preserve and increase value like gold, while also generating cash flow continuously like financial products.

This design of programmability and yield generation is transforming Bitcoin from a passive asset into an active financial tool. Every coin holder can keep their price exposure while allowing their assets to enter a more active value creation cycle.

The question is: will this "active currency" model become a new positioning for Bitcoin in the modern financial system?