Analysis of Pain Points in the RWA National Debt Token Market and the Tprotocol Solution

Currently, the RWA government bond token market has some obvious pain points: mainstream products like MakerDAO and Ondo each have their limitations, and the market lacks a government bond token product that is pure in assets and can be widely participated in by ordinary users. In response to this demand, Tprotocol V2 has emerged.

Tprotocol is essentially a lending product that allows national debt tokens to be used as collateral to borrow USDC. Its highlights include a very high LTV of 100.5% and a utilization rate that can reach as high as 99.5%, meaning that almost all national debt earnings can be passed on to deposit users. To cope with large withdrawals, Tprotocol adopts an OTC model with borrowers, allowing a certain period to sell national debt for repayment.

Unlike Ondo-OUSG/Matrixdoc-STBT, which is only aimed at qualified investors, Tprotocol allows ordinary users to enjoy government bond yields through an institutional collateral lending model. It focuses on dedicated products, such as STBT, which explicitly invests in short-term government bonds and reverse repos, and regularly publishes asset reports and reserve proofs.

To isolate risks, Tprotocol has launched independent pools for different RWA assets. Other designs are also quite Degen, such as the governance Token TPS/esTPS design similar to GMX, and the dual-layer structure of iUSDP/USDP similar to sfrxETH/frxETH. This model helps improve capital efficiency and iUSDP yields.

Currently, the RWA sector is highly competitive. MakerDAO holds an advantage but has limitations as an over-collateralized stablecoin. In contrast, Tprotocol offers ordinary users the opportunity to participate in the pure收益 of national bonds through an innovative model, and is expected to secure a place in the RWA market.