What is STBL (STBL)?

Deep Dive

1. The Three-Token Architecture

STBL operates on a unique three-token system, each with a distinct role. USST is a dollar-pegged stablecoin used for payments and liquidity, backed 1:1 by principal value from assets like tokenized U.S. Treasuries. When users mint USST, they simultaneously receive YLD, a non-fungible token (NFT) that represents the right to the yield generated by the underlying collateral. The STBL token serves as the governance and value-accrual layer, allowing holders to vote on protocol upgrades, collateral policies, and treasury management (STBL.com).

2. Yield-Splitting Mechanism

The protocol's key innovation is separating ("stripping") the yield from the principal of real-world assets. This allows users to spend or deploy the USST stablecoin in DeFi or for payments while independently holding, trading, or accruing the yield via the YLD NFT. This structure aims to return value that is typically captured by centralized issuers back to the users who provide the collateral (CoinMarketCap).

3. Ecosystem & Institutional Framework

Beyond the core stablecoin, STBL positions itself as a Money-as-a-Service (MaaS) provider. It enables ecosystems and institutions to launch their own Ecosystem-Specific Stablecoins (ESS), fully backed by RWAs and interoperable through USST. This framework is designed for regulatory compliance, on-chain transparency, and institutional adoption, aiming to turn stablecoins into programmable public infrastructure (STBL.com FAQ).

Conclusion

Fundamentally, STBL is a protocol that rearchitects stablecoins by decoupling liquidity from yield, using tokenized real-world assets as a foundation for a more transparent and user-owned financial layer. How effectively will its ESS framework attract institutional partners to scale this new model?