Recently, a leading exchange has been heavily promoting its stablecoin wealth management product, flooding social media groups. Various crypto KOLs and financial accounts are praising it as "low threshold, stable returns, limited-time benefits," making people’s hearts race.

But I noticed an interesting detail — almost no one is paying attention to a core issue: the wear and tear cost of this product actually requires a full 5 days of interest to offset. Yet, the entire activity cycle is only 30 days. This raises some questions.

What is wear and tear? For stablecoin pegged wealth management products, it essentially refers to the various implicit costs involved in your participation — trading slippage, fee depreciation, liquidity loss, and all that.

Sounds very academic? Simply put: you invest your money, but you can't enjoy immediate gains. During the initial period, the profits you earn are actually used to fill this black hole. This platform’s stablecoin wealth management works like that — the first 5 days’ earnings are entirely used to offset wear and tear, so investors are effectively in a "zero profit" state.

A quick calculation makes it clear. With a 30-day cycle, subtract the 5-day wear and tear period, and the actual time to generate returns is only 25 days. The originally attractive yield rate shrinks once you analyze it. That’s why, behind market frenzy, we need to stay sober — many seemingly tempting opportunities actually hide costs you might not notice.