Recently, I've been pondering a question: in an environment of macroeconomic uncertainty, how can one manage their finances to both preserve capital and have the opportunity to profit?

The traditional approaches are nothing more than a few options—bank fixed deposits, government bonds, funds. The returns seem decent, but do they really fight inflation? When high inflation hits, these fixed-income assets can't keep up. So, some people are exploring another path: a combination of stablecoins with interest-earning protocols.

To put it plainly, this combination is essentially an "enhanced crypto bond." How to understand it?

The first part involves stablecoins (for example, USD products from leading protocols). Holding them is essentially like holding U.S. Treasury assets indirectly. This part is straightforward—preserve value and lock in dollar-based returns. It's similar to buying government bonds but with greater flexibility.

The second part involves allocating some interest-bearing tokens. These tokens represent the reconstruction of traditional finance through blockchain technology—if this direction succeeds, institutional funds will flow in continuously, and the value captured by these tokens could grow exponentially. Risks and opportunities coexist, but this is precisely where you can achieve excess returns.

How to allocate? Borrowing from the classic "core-satellite" model:

**Core part (about 70%)**: Fully in stablecoins, with a goal as pure as possible—capital preservation plus regular interest. Think of this as your household treasury, steady and reliable.

**Satellite part (the remaining 30%)**: Invest in interest-earning tokens, using small amounts of capital to explore growth opportunities in this sector.

Why divide it this way? Because you need to address two issues: one, the genuine inflation risk; two, the regret of missing out on new opportunities. This allocation strikes a balance between both.