What is STBL (STBL)?

Deep Dive

1. Core Innovation: Yield Separation

STBL’s protocol allows users to mint USST (a dollar-pegged stablecoin) by depositing RWAs like tokenized U.S. Treasuries. Simultaneously, they receive YLD – a non-fungible token (NFT) that accrues yield from the underlying collateral. This splits the asset into:
- USST: Spendable like traditional stablecoins (e.g., USDC) in DeFi or payments.
- YLD: A tradable claim on future yield, retained even if USST is deployed elsewhere.

This addresses a key pain point in crypto: earning yield typically requires locking assets, reducing liquidity.

2. Tokenomics & Governance

The ecosystem uses three tokens:
- USST: Collateralized 1:1 by audited, on-chain RWAs like BlackRock’s BUIDL or Ondo’s USDY.
- YLD: NFTs that automatically accumulate yield, redeemable when burned with USST.
- STBL: Governance token granting voting rights over protocol parameters (e.g., accepted collateral, fee structures).

Decisions are community-driven, with staked or time-locked STBL required to propose or vote on changes (STBL Token Documentation).

3. Key Differentiators

• Composability: USST integrates with DeFi protocols without sacrificing yield.
• Transparency: All collateral is on-chain, avoiding opacity criticisms faced by USDT/USDC.
• Regulatory readiness: Focus on institutional-grade RWAs and compliance frameworks positions it for traditional finance adoption.

Conclusion

STBL reimagines stablecoins by decoupling liquidity from yield generation, merging RWA-backed stability with DeFi flexibility. Its success hinges on whether users and institutions adopt its three-token model as a viable alternative to traditional yield-bearing assets. Can STBL’s yield-splitting mechanism become the standard for next-gen stablecoins?