The SSR by @SkyEcosystem is for many people the CLOSEST thing we've to an on-chain Risk-Free Rate. This refers to the return one can receive on an investment with *theoretically* zero risk which forms the foundation of benchmarking and economic modelling; both core components of a mature financial system. While the average degen is generally willing to go further along the risk curve for higher yield, serious money is more conservative. This is why BILLIONS in capital is willing to accept the SSR despite its modest yields of 4.5% APR. It's known, it's trusted and it's safe - that's why it's the risk-free rate. This places the average retail user at a predicament: do they earn 4.5% APR in 'safe' yield or do they chase those extra BIPs by chasing higher yields. There's no correct answer to this and the onus falls on retail to define their own risk exposure. Our two USDS markets on Pendle introduces an opportunity for retail to access the closest thing there is to 'risk-free'. The difference, of course, is our PT and LP yields earn multiples of the SSR powered by our battle-tested yield tokenization technology. It's known, it's trusted and it's safe - yet it exceeds the risk-free rate. Indeed, the ability to multiply the SSR while preserving it's low risk properties transforms the yield game for the average user. By introducing an additional layer of yield that is sustainable and transparent, we flip the fundamentals of risk-versus-reward on its head. You CAN have low risk high reward - you just have to use Pendle. Offering a composable solution with similar risk profile but disproportionate yield, PT-USDS can also unlock the more degenerate side of DeFi. Broad support across money markets enable this financial paradox to grow even further powered by looping. Unlocking higher yields on similar risk for all risk-reward profiles. Pendle