Stablecoins, Reimagined

• STBL access begins in July 2025 via mainnet rollout.
• Initial access is invite-only and will be enabled via access codes.
• These codes allow users to mint USST and interact with the protocol’s full feature set.

• STBL is a next-generation stablecoin protocol designed to realign stablecoin economics around the user.
• It allows users to mint fully collateralized stablecoins using tokenized real-world assets (RWAs).
• Through yield stripping, STBL separates the principal (USST) from the yield (YLD), enabling users to keep their stablecoin liquid while still capturing yield.

STBL uses a three-token model:

• USST: The stablecoin, backed 1:1 by onchain RWA collateral.
• YLD: A non-fungible token (NFT) issued at mint, representing the right to claim yield from your deposited collateral.
• STBL (GOV): The governance token of the protocol (launching soon). Used to vote on parameters, upgrades, and treasury decisions.

Users mint USST by depositing approved onchain RWA tokens as collateral (e.g., USDY, OUSG, BUIDL).Upon minting, users receive:

• $USST (stablecoin, liquid and usable)
• $YLD (NFT representing future yield claim)

USST will be available through the STBL minting app and on select centralized and decentralized exchanges beginning in late 2025.

Currently supported collateral includes tokenized money market RWAs:

• USDY (Ondo, general-access)
• OUSG (Ondo, qualified-access)
• BUIDL (BlackRock via Backed)

All collateral is held onchain and monitored for eligibility via protocol-defined risk and haircut models.

YLD is a non-fungible token (NFT) issued at the time of minting USST.
It represents your right to the yield generated by your collateral for the duration of the term.

• YLD is tradable
• Accrues yield over time
• Can be held to receive scheduled distributions

Yes. You can burn USST and redeem your original collateral at any time.
Redemptions reflect:

• Applicable protocol fees
• Collateral haircut (returned upon burn)
• YLD status (must be surrendered or expired)

Details available in docs.stbl.com.

• STBL access is currently invite-only.
• Minting is only available in jurisdictions eligible under the RWA issuer’s guidelines (e.g., USDY and OUSG via Ondo).
• KYC may be required depending on the collateral selected.

• USST is designed for broad composability.
• It will be usable in supported partner protocols and exchanges for trading, DeFi strategies, cross-chain bridging, and treasury management.

• Yes, STBL is fully non-custodial.
• Collateral is held in audited smart contracts. STBL never takes direct custody of funds.
• Smart contracts have undergone security audits and are continuously reviewed. Audit reports are available on the docs.

STBL uses a dynamic fee model to manage supply and demand:

• If USST < $1: minting fees increase, burn incentives rise.
• If USST > $1: minting becomes cheaper, burning becomes more expensive.

This mechanism stabilizes the peg without relying on external arbitrage agents.

• When you mint USST, the deposited collateral (e.g., USDY, OUSG) generates yield via real-world income streams (e.g., U.S. Treasuries).
• That yield is separated and attributed to the YLD token you receive at mint.
• The protocol may introduce optional USST staking in the future to offer additional sources of yield.

• No. USST remains fully liquid and usable across protocols.
• YLD accrues yield over time, and its value is decoupled from the liquidity of your principal.

• Yield is distributed periodically—either in the collateral token or in USST, depending on protocol settings.
• Protocol fees are deducted automatically prior to distribution.
• YLD metadata tracks real-time yield status.