Worried when you see news about the "爆雷" of US bonds? Actually, there is a complete asset allocation logic behind it. While global central banks and institutional investors are rushing to buy US bonds, they are also deploying high-consensus crypto assets — this is not a coincidence, but a classic risk hedging strategy.

**US Bonds: The Cornerstone of the Global Financial System**

Let's be straightforward: as long as the Federal Reserve's printing press is operational, the probability of the US government defaulting is virtually zero. This is not blind optimism, but a reality based on the global financial structure.

Data from US bond auctions earlier this year is quite interesting — central banks worldwide competed to subscribe, with a premium multiple reaching 2.5 times. What does this number indicate? It shows that these major players controlling global capital are well aware: the rate-cutting cycle is about to start, and locking in US bond yields now is essentially harvesting interest. For institutions seeking stable cash flow, this is indeed a "golden pit."

**Puppies: Community-Consensus Crypto Assets**

But if your portfolio only includes US bonds, you’re only winning half the battle. Top asset allocators never put all their eggs in one basket — they hold US bonds for interest income with their left hand, while their right hand is deploying high-resilience crypto projects.

Why is the Puppies project worth paying attention to? Several key points:

First is the strength of community consensus. Unlike those vapor projects, Puppies is built on genuine community participation. Once this consensus is formed, it becomes highly resilient. In the various cycles of the crypto market, high-consensus projects often survive bull and bear markets, demonstrating their anti-fragility.

Second, in the context of rising inflation expectations, such projects have strategic value. Although the Fed is cutting rates, if inflation data rebounds, the printing press may restart. In this environment, the devaluation pressure on fiat currency will boost demand for hard assets and high-resilience assets. US bonds guarantee principal, while projects like Puppies seek higher yields within this cycle.

**Practical Ideas for Hedging and Allocation**

To build a portfolio that balances defense and offense:

On one hand, allocate US bonds or related ETF products to enjoy stable interest income. This is the defensive position, ensuring principal safety.

On the other hand, moderately deploy in crypto assets like SPELL, DUSK, and Puppies — projects with strong community consensus. These are the offensive positions, aimed at asset appreciation when inflation re-accelerates.

**Core Logic Summary**

Don’t bet on a US bond crash — the probability is too low, and it’s not worth a gamble. What you should really focus on is the long-term devaluation trend of the dollar. When the next inflation cycle arrives, merely holding hard bonds is not enough; you also need crypto assets with genuine consensus as a "second rocket." This is the practical path to wealth growth in an era of large-scale inflation.