A friend of mine told me last week that he put his idle funds into Yu'ebao, which has an annualized yield of less than 2%. Meanwhile, the intern at the neighboring desk is earning over 4% annualized yield on US bonds on-chain and can redeem at any time. He was completely stunned.

Theo Network @Theo_Network is doing exactly that—turning the unreachable money market funds into a string of numbers in your wallet. I call this "the USD version of on-chain Yu'ebao," but actually it's more intense: the supply of thBILL is approaching 200 million dollars. This isn't a roadshow number; it's real gold sitting in smart contracts.

The forecasted market FDV range is between 300 million and 700 million. Honestly, at first glance, I thought it was pretty outrageous, but then I realized that only a few players have really launched RWA products, and Theo is among the front-runners.

They don't chase the "everything on-chain" hype; instead, they focus on the money market and compliance frameworks, which actually sets them apart. The team has a background in traditional finance and established institutional channels early on, which will be a hard currency when large capital enters later.

Next, they plan to launch thGOLD, tokenized gold.

So, is this valuation conservative or not? It depends on whether institutions are willing to buy in after the mainnet launches. The numbers are there; whether the story can be compelling depends on time's test.