“Composable yield” finally feels like more than a buzzword and @noble_xyz actually shows the mechanics, not just the meme. Their deep-dive lays it out: USDN accrues T-bill returns via M0, then streams that yield cross-chain so integrators decide where it lands users, treasuries, validators, buybacks, you name it. The technical section even walks through the index-based mint and IBC/Hyperlane distribution loops. Why I like this direction: ❯ It shifts control from issuers to integrators the people actually shipping UX. Case studies (Namada, Osmosis “allUSDC”, Neutron treasury) aren’t hand-wavy; they’re the playbook. ❯ USDN’s base design is transparent: fully backed by short-term U.S. Treasuries, with yield claimable and programmatic clean inputs for risk models. ❯ And the rails are practical: on Noble, fees are paid in USDC, ~penny internal sends, and no IBC fee in/out so the yield you route isn’t eaten by friction. Compare it to classic stables: fixed 1:1 is great for payments, but static economics limit what builders can express. Composable yield turns the dollar into a policy surface you can code against. Dev quickstart I’d do today: ❯ Read the composable-yield blog’s “Technical deep dive,” then spec your yield recipient (contract/multisig) and open/confirm your IBC/Hyperlane route; Noble’s validators register the destination and the stream begins. If AppLayer hits its ~100 ms target this summer, the “internet layer of money” starts to feel real: issuance → distribution → execution in one loop. I’m tracking live flows next