Question: Where does the additional yield come from? Answer: Stablecoins. When you deposit fiat, USDC, and, soon, other stablecoins (like pyUSD) into Backpack, your stable coin gets exchanged one for one with a new stablecoin of sorts, Backpack USD, for all intents and purposes, a stablecoin in its own right. Backpack USD isn't a normal stablecoin. It's not trying to compete with USDC or others. You can't withdraw it. It only exists on Backpack Exchange. Backpack USD exists for two purposes. 1) To make the user experience around stable coins great. You can deposit in fiat and withdraw USDC., and you can deposit in USDC and withdraw fiat. Zero fees. No manually converting back and forth. It just works. 2) To tap into the yield that the largest stablecoin issuers normally keep for themselves, and to pass that yield to users. The tradeoff: pooled stablecoin depeg risk. This is either a good thing or a bad thing depending on your perspective. If you really want to trust Circle and Circle only, then this is a downgrade from our previous offering, and you probably shouldn't use it. However, if you want to diversify away from a single stablecoin issuer, e.g., to diversify amongst a set of stablecoin issuers (i.e. USDC and pyUSD), then this can be an improvement. And instead of Backpack doing all the work of managing dollars, investing in treasuries, and dealing with bank risk, we simply operate in crypto, where you can see the underlying basket at any point. All fiat is immediately converted to/from stablecoins upon deposit and withdrawals. In any case, the bar for entering this basket is high. We aren't going to easily expand it, but as stablecoin adoption keeps expanding, and the number of issuers along with it, Backpack hopes to support that growth in any way we can. I'm super excited for folks to start taking advantage of Backpack USD, so let me know what you think!