Here's a somewhat sobering truth: those who are still directly buying stablecoins to earn yields have actually missed the optimal solution.

The real winners in this round of the market are those who understand a simple logic—stablecoins don't necessarily have to be bought; they can be borrowed. And the cost is ridiculously low.

Recently, I've been focusing on decentralized lending. The reason is simple: the market is offering a 20% APY for stablecoin wealth management, but the annualized interest rate on the lending side is only around 0.x% to 1%. What's the difference in between? That's the naked interest rate arbitrage opportunity.

Here's how I personally operate. First, I use BTC, ETH, BNB that I don't plan to sell as collateral—these coins are already sitting in my wallet, so why not put them to use? Second, I borrow stablecoins through decentralized lending protocols, with interest rates below 1%. Then, I invest the borrowed stablecoins directly into top-tier exchange wealth management products to enjoy a fixed 20% return.

Let's do the math: borrowing cost is about 1%, investment return is 20%, so the net profit after deducting costs is roughly 18%. Will the coin price go up or down? It doesn't matter much. Are you bullish or bearish on the market? It has limited impact. The beauty of this operation is that it doesn't depend on coin price movements or market sentiment fluctuations; it's a relatively certain source of income.

The key is to find lending platforms with low enough interest rates and sufficient liquidity, and to choose reliable wealth management channels. In risk control, pay attention to the fluctuation space of collateralization ratios, so that a drop in coin prices doesn't trigger liquidation. This isn't a complicated operation; it's just about making idle assets more efficiently utilized.