What is STBL (STBL)?

Deep Dive

1. Yield-Splitting Mechanism

STBL’s foundational innovation is separating principal from yield. Users deposit high-quality, yield-bearing real-world assets (RWAs)—such as tokenized money-market funds—as collateral. The protocol then mints two distinct tokens: USST, a dollar-pegged stablecoin for payments and DeFi, and YLD, a non-fungible token (NFT) that accrues the yield from the underlying collateral. This structure lets users unlock and spend their principal via USST while retaining a separate, tradable claim to the asset's income stream.

2. Three-Token Architecture

The ecosystem operates on a clear, three-token model, each with a dedicated function (STBL).

• USST: The stablecoin, fully backed by over-collateralized RWAs, designed for circulation and utility.
• YLD: An NFT representing the right to the yield generated by the collateral locked during USST minting.
• STBL: The governance token. Holders vote on protocol upgrades, collateral types, risk parameters, and treasury allocation, steering the ecosystem's development.

3. Money-as-a-Service (MaaS) Vision

Beyond a single stablecoin, STBL positions itself as infrastructure. Its MaaS framework enables other ecosystems, payment networks, and institutions to issue their own branded, compliant stablecoins (Ecosystem-Specific Stablecoins or ESS). These ESS are fully backed by RWAs and interoperable through USST, which acts as a universal settlement layer. This vision aims to let entities "own their economy" without building complex financial rails from scratch.

Conclusion

Fundamentally, STBL is a programmable finance protocol that rearchitects stablecoins by decoupling liquidity from yield and offering its architecture as a service for broader adoption. How will its separation of principal and yield influence the next wave of institutional DeFi integration?