What is STBL (STBL)?

Deep Dive

1. Core Innovation: Yield-Splitting

STBL’s foundational innovation is separating a yield-bearing asset into two distinct components. When a user deposits tokenized real-world assets (RWAs)—like U.S. Treasury bills via tokens such as Ondo’s USDY—the protocol mints two tokens (STBL). First, USST, a dollar-pegged stablecoin for payments and DeFi. Second, YLD, a non-fungible token (NFT) that accrues the yield from the underlying collateral. This structure lets users deploy USST as liquidity while retaining the right to future yield via YLD, a concept the project calls “Stablecoin 2.0”.

2. Three-Token Architecture

The ecosystem is powered by a trio of tokens, each with a dedicated role (Bitrue).

• USST: The stablecoin, designed to be over-collateralized by RWAs and maintain a 1:1 dollar peg.
• YLD: An NFT representing the yield claim; it accrues value over time and can be held or potentially traded.
• STBL: The governance token. Holders vote on key protocol parameters like collateral types, risk models, and treasury allocations. It is designed to capture value through a share of protocol fees, which fund mechanisms like token buybacks.

3. Ecosystem Vision: Money-as-a-Service

Beyond individual users, STBL aims to be infrastructure. Its Money-as-a-Service (MaaS) framework allows institutions, exchanges, and platforms to launch their own Ecosystem-Specific Stablecoins (ESS) (STBL FAQ). These ESS tokens are interoperable through the USST settlement layer, enabling compliant, transparent, and yield-generating stablecoin systems without each entity building from scratch.

Conclusion

STBL fundamentally reimagines stablecoins as composable financial primitives, decoupling liquidity from yield to create more efficient and user-owned digital dollars. How will its institutional MaaS framework compete with established stablecoin networks in driving real-world adoption?