STBL is a decentralized finance protocol built on the BNB Smart Chain that enables users to mint a dollar-pegged stablecoin, USST, using yield-bearing Real-World Assets (RWAs) as collateral. The platform, founded by a team including Tether co-founder Reeve Collins, is designed around a "yield stripping" mechanism that separates an asset's principal value from its future yield, allowing users to maintain liquid capital without forfeiting ongoing returns. ^{[1] [2] [10]}

Overview

The core concept behind STBL is to address the trade-off between liquidity and yield generation that is common with stablecoins. The project operates under the premise "Use Your Stablecoin, Keep Your Yield," aiming to create a "Stablecoins 2.0" ecosystem where static assets can become productive and programmable. ^[11] By separating the principal from the yield, STBL allows users to deploy their capital in the form of the USST stablecoin for activities like trading or payments, while still retaining the rights to the yield generated by their original collateral. ^{[3] [15]}

The protocol utilizes a three-token ecosystem to achieve this: USST, a stablecoin backed by U.S. Treasuries; YLD, a yield token; and STBL, the governance token. This structure allows STBL to maintain stability while leveraging RWAs for yield generation. Unlike traditional stablecoins where issuers retain the yield from reserves, STBL's model is designed to redirect this value back to the users. ^{[12] [13]}

STBL positions its model as a "fourth path" in stablecoin design, presenting an alternative to what it identifies as the inherent risks of other models: the volatility of crypto-overcollateralized stablecoins, the centralization and lack of transparency in fiat-backed stablecoins, and the potential for instability in algorithmic stablecoins. The protocol's foundation on regulated, yield-bearing RWAs, managed by transparent smart contracts, is intended to provide both stability for its USST stablecoin and a sustainable, real-world source of yield for its users. ^[4]

The project is led by a team that includes individuals with prior experience in the digital asset space, most notably Reeve Collins, a co-founder of Tether. It has also received backing from institutional entities, including a successful pre-seed funding round led by Wave Digital Assets, a digital asset manager with over $1 billion in assets under management. ^{[2] [3] [10]}

History

The Token Generation Event (TGE)

The Token Generation Event (TGE) for the native governance token, $STBL, took place on September 16, 2025. ^[5] On the same day, the token was listed for trading on the Binance Alpha platform and the Kraken exchange, marking its official market debut. ^[12] Following the launch, some delays were reported by Binance regarding the distribution of the STBL token airdrop. ^[3]

The launch generated significant market interest, with the token's price experiencing a substantial rally. Within its first 24 hours of trading, STBL's price surged by over 300%, with some exchanges reporting gains as high as 455.5%. ^{[11] [13]} The trading volume exceeded $50 million in the first day, with some reports indicating it reached as high as $250 million within hours of listing. ^[14]

On September 17, 2025, the token's availability expanded with a listing on the Bybit exchange. Concurrently, Binance Futures introduced USDⓈ-M Perpetual Contracts for $STBL, enabling derivative trading. The token's price experienced significant volatility in its initial trading days, recording an all-time low of approximately $0.022 on September 16 and reaching an all-time high of around $0.24 on September 17, 2025. ^{[3] [1] [12]}

Technology

The STBL protocol's architecture is centered around its yield-stripping mechanism, the use of specific RWA collateral, and its deployment on the BNB Smart Chain.

Core Mechanism: Yield Stripping

The central technological innovation of STBL is its "yield stripping" or "yield splitting" process. This mechanism allows the protocol to separate the principal value of a deposited asset from its future yield-generating potential. The process functions as follows:

1. A user deposits approved, high-quality, yield-bearing RWA tokens into the STBL protocol.
2. The protocol mints and issues two distinct digital assets back to the user:
   • USST: A liquid, dollar-pegged stablecoin that represents the principal value of the deposited collateral.
   • YLD: A token that represents the user's claim to the future yield generated by the underlying RWA collateral. This structure is designed to unlock the liquidity of a user's capital. The minted USST can be used freely across the DeFi ecosystem for trading, lending, or payments, while the YLD token ensures the user continues to benefit from the returns of their initial investment. ^{[1] [2] [15]}

In a statement about the project's mission, Chairman Reeve Collins said, "Stablecoins shouldn’t force a tradeoff between liquidity and yield! ...separating principal from yield turns static dollars into productive, programmable assets." ^[3]

Dual-Token Architecture

STBL's technology is built on a modular and capital-efficient dual-token architecture designed to convert tokenized real-world assets (RWAs) into stable, liquid, and yield-generating digital assets. When a user collateralizes an asset such as a U.S. Treasury Bill, the protocol mints two separate tokens: USST and YLD. ^[6]

• USST: This is an RWA-backed, overcollateralized stablecoin created for transparency, utility, and user control. It is redeemable on a 1:1 basis and is designed to be fully composable within the DeFi ecosystem. The minting of USST serves as the entry point into the STBL system, activating a flow of value and incentives for both the minter and other network participants. The model is intended to reward early adopters as protocol growth and circulation increase. ^[6]
• YLD: The STBL protocol pioneers a model that splits the principal and yield of an asset at the protocol layer. When USST is minted, the user also receives YLD, a programmable Non-Fungible Token (NFT). This NFT tokenizes the user's yield stream as a distinct, composable on-chain asset. By decoupling the yield from the principal, users can freely use, transfer, or deploy their USST stablecoin while the YLD token continues to accrue the financial returns from the original collateral independently. This yield-splitting mechanism, delivered via NFT infrastructure, is engineered to provide users with full custody over their earnings. ^{[6] [15]}

Collateral and Security

The STBL protocol is designed to be fully non-custodial, meaning user collateral is held in audited smart contracts rather than by a central entity, and the project never takes direct custody of user funds. The protocol's stability and yield are derived from its use of tokenized money market RWAs as its primary form of collateral. The initially supported assets for minting USST include:

• USDY (from Ondo Finance)
• OUSG (from Ondo Finance)
• BUIDL (BlackRock USD Institutional Digital Liquidity Fund, tokenized via Backed) The project states that all reserves are maintained on-chain, allowing for public verification, and smart contracts undergo continuous security reviews. ^{[2] [15]}

Blockchain Network

The STBL protocol and its associated tokens operate on the BNB Chain. The native tokens, including $STBL and $USST, adhere to the BEP-20 token standard. The official smart contract address for the $STBL token is 0x8dedf84656fa932157e27c060d8613824e7979e3. ^[1]

Token Ecosystem

The STBL protocol incorporates a three-token model to facilitate its core functions of liquidity, yield generation, and governance. ^[12]

• $USST: The primary stablecoin of the ecosystem, designed to maintain a 1:1 peg with the US dollar. It is a fully fungible token backed by high-quality, on-chain RWA collateral deposited into the protocol. The utility of USST is focused on broad DeFi composability, including use in trading pairs, as collateral in lending protocols, and for cross-chain transfers. ^{[13] [15]}
• $YLD: A non-fungible token (NFT) issued at the time of minting that represents a holder's legal and smart contract-enforced right to claim the yield generated by their deposited collateral over a specific term. Issued as an ERC-721 NFT, it represents the interest accrued from a specific RWA position. Each YLD token is linked to a vault, has unique metadata, and updates dynamically with yield earned based on RWA performance and maturity schedules. ^[7] The YLD NFT accrues yield over time, which can be held to receive scheduled distributions. ^[15]
• $STBL: The native governance token of the protocol. Holders of the $STBL token are able to participate in the decentralized governance of the platform by voting on key protocol parameters. These parameters include shaping collateral choices, risk parameters, fee structures, and protocol upgrades. The token allows holders to influence protocol upgrades and treasury allocations, creating a stakeholder-driven ecosystem. ^{[13] [12] [15]}

Tokenomics

The maximum and total supply of the $STBL token is 10 billion. On the day of the Token Generation Event, the initial allocation was 825 million $STBL, with 515 million tokens entering the circulating supply. An additional allocation of 325 million $STBL was designated for airdrops, scheduled for distribution over the three months following the TGE. ^{[1] [3]}

The total token supply is divided among several categories with distinct vesting schedules and cliff periods. These categories include allocations for a Private Sale, Public Sale, Ecosystem Development, Advisors, Staking, Liquidity, and the Treasury. As of September 17, 2025, the circulating supply was reported to be 500 million STBL, which constitutes 5% of the total supply. Following its launch, the token's market capitalization reached approximately $100 million. ^{[3] [1] [12]}

Token Model

The protocol's token model is designed to balance liquidity (USST), yield (YLD), and governance (STBL) in a cycle that aligns usage with sustainable growth. ^[7]

• YLD: As a yield-bearing ERC-721 NFT, each YLD token is non-fungible and tied to a specific RWA position, accruing real yield based on that asset's performance and maturity schedule. ^{[7] [15]}
• STBL: In its governance capacity, STBL is distributed through protocol incentives. A time-locked staking version, sSTBL, may be available to grant users boosted governance power and increased participation in protocol fees. The DAO may also introduce deflationary utilities for STBL, such as protocol buybacks or utility sinks. ^[7]

Governance

STBL's governance is designed around a community-driven, decentralized framework where control is progressively transferred to token holders. The system ensures that decisions are transparent and aligned with active contributors and long-term ecosystem growth. Governance is responsible for critical decisions, including the approval of new collateral vaults, allocation of fees, management of address whitelists and blacklists, and the implementation of protocol upgrades. The community of token holders plays a direct role in shaping accepted collateral types, haircut limits, fee structures, and other key risk parameters. ^{[8] [15]}

Governance Model and Participation

According to the protocol's documentation and public announcements, governance is managed by the community through the STBL token. Holders of STBL can actively participate by staking or time-locking their tokens to gain the right to propose and vote on the protocol's future. The level of a holder's influence in protocol decisions is proportional to their commitment, with longer lock-up periods granting greater voting power. The governance process also includes the election of a Risk Committee to oversee protocol security and the management of community proposals through a transparent PIP (Pi Improvement Proposal) process. ^{[8] [13] [15]}

DAO Structure

The governance framework is structured as a Decentralized Autonomous Organization (DAO) to ensure community-driven decision-making. The protocol follows a phased decentralization plan to gradually shift control from the core team to the STBL token holders. ^[9]

Phased Governance Rollout

The transition to full decentralization is structured in three tranches:

• Tranche 1: Focuses on establishing early strategic partnerships and setting up the initial governance framework.
• Tranche 2: Moves toward community-led management, where token holders can vote on key protocol decisions.
• Tranche 3: Aims for full decentralization, where STBL holders govern all aspects of the protocol. This phased approach is detailed in the project's governance documentation. ^[9]

Governance-Driven Treasury & Rewards

The DAO is responsible for managing the protocol's treasury. Treasury funds are allocated toward protocol development, liquidity incentives, and security enhancements. The governance model is designed to ensure that the distribution of these funds is transparent and contributes to the long-term sustainability of the protocol. STBL token holders can also utilize delegated voting, allowing them to participate in governance without being actively involved in every decision. ^[9]

Team

The STBL project was co-founded by Reeve Collins, Dr. Avtar Sehra, and Bundeep Singh Rangar. The leadership team includes:

• Reeve Collins: Serves as the Chairman and Co-founder of STBL. He is also known as a co-founder of Tether, one of the earliest and largest stablecoins in the cryptocurrency market.
• Dr. Avtar Sehra: Serves as the CEO and Co-founder of STBL. He was previously the founder of the digital asset firm KAIO.
• Bundeep Singh Rangar: Co-founder. Other key members of the team include Sudeep Mehta, who serves as Chief Operating Officer (COO), and Joe Vollono, the Head of Business Development. The project is also backed by the institutional entity Wave Digital. ^{[2] [3] [10] [15]}

Exchange Listings

The $STBL token is available for trading on a variety of both centralized exchanges (CEXs) and decentralized exchanges (DEXs).

• Centralized Exchanges: Major CEXs that have listed the token include Binance (via its Alpha platform), Kraken, Bybit, MEXC, and BingX.
• Decentralized Exchanges: On the BNB Smart Chain, the token is supported by prominent DEXs such as PancakeSwap v3 and Uniswap v3. Shortly after its launch, the most active trading pair for the token was reported to be STBL/USDC on PancakeSwap v3. ^{[1] [5] [14]}