[The Crypto Assets market returns to rationality, investors turn to pragmatism]

Recently, I found that many people no longer chase the high volatility of new coins, but instead choose the RWA track that can earn real money.

Whether it's buying USDY from Ondo or depositing physical asset token projects from Centrifuge, the bottom line is one idea: as long as you can steadily secure profits, that's all that matters.

When using USDT and USDC, have you ever thought about a question: The money we deposit can clearly earn interest, but where does that income actually go?

For example, if you buy 1000 USDT, Tether will take this 1000 USD to buy government bonds with an annual interest rate of 5%, earning 50 USD in a year.

But this 50 dollars has nothing to do with us; we only got a dead anchor stablecoin worth 1 dollar.

Today, we are going to talk about STBL @stbl_official, which is doing something different: returning the profits that should belong to us back to us.

It is not a new stablecoin with a different name, but rather a direct reconstruction of the stablecoin's [value allocation rules].

In simple terms: you need to have a stablecoin of 1 dollar and also earn interest on that 1 dollar.

1. First, understand the core of STBL: a three-token model that does not generate profits.
STBL's greatest strength lies not in endorsing with RWA, but in separating the principal and the yield into two distinct components, allowing users to hold both at the same time. It achieves this logic with three tokens:

■ Let's take a practical example:
If you take 1000 USD in government bonds (assuming an annualized 5%) to mint STBL, the system will directly give you two things:

1000 USST - can be immediately used for DeFi arbitrage, buying coins, just like using USDT.

1 YLD NFT - Don't worry about it, after one year, the 50 USD earned from the national debt will be automatically credited to this NFT and can be redeemed at any time.

■You'll understand by comparing:
• USDT Mode: With 1000 USDT, 50 dollars of profit belongs to Tether

• STBL Mode: has 1000 USDT (USST) + 50 dollars in profit (YLD), all of it is own

This is the key point. It didn't complicate the staking mining process; it simply shared the money that the institutions secretly earned with the users transparently.

2. Why does STBL solve the old problems of traditional stablecoins?

The problems with traditional stablecoins are quite obvious: either over-collateralization, or centralization, or algorithmic collapse.

The gameplay of STBL just fills these gaps, and the logic is very practical:

■ No unrealistic promises on returns: Money comes from real RWA, not token subsidies.

• The yield comes from US short-term government bonds (annualized 4%-5%)

• Currency funds / private credit managed by compliance institutions (10%-12%)

• Collaborate with Ondo (a well-known project for RWA) using its USDY as the underlying asset

• The status of assets can be checked on-chain, no need to wait for vague reports from institutions.

■Flexible and Unrestricted: You can withdraw your money anytime without lock-up or penalties.
• Minting and redeeming can be done anytime, USST/YLD can be withdrawn whenever you want to cash out.

• You can still use USST to participate in other DeFi, with YLD earnings accumulating simultaneously, making money in two ways without additional risks.

■Secure and guaranteed: Over-collateralization + Risk pool, withstands volatility
• $100 treasury bonds can mint up to 80 USST (over-collateralization + discount rate), which corresponds to an additional 20% as a buffer.

• The protocol will set aside a portion of the earnings; in case of asset defaults (such as private credit bad debts), the funds from this pool will be used first, without affecting users' USST and YLD1.

3. STBL is not a PPT project; it has already been implemented in practice:

• Product available: Beta version dApp（

• Audit Passed: Nethermind audit completed, Cyfrin audit about to finish

• Multi-chain coverage: Ethereum as the main chain, with interoperability between EVM chains such as Arbitrum, Avalanche, etc.

• The platform has been launched: Binance Alpha went live on September 16.

• Institutional Cooperation: Collaborated with Ondo, BlackRock BUIDL is expected to join.

In the short term, STBL helps users reclaim the profits taken by institutions, while in the long term, it can combine the flexibility and transparency of DeFi with the stable returns of traditional finance, enabling ordinary people to participate.

If you often use USDT/USDC, want to play in DeFi but are afraid of risks, and value transparency, STBL is worth paying attention to. It hasn't subverted stablecoins, it just brings them back to what they should be!

I have been following this project as well, and I will share any new developments with everyone as soon as possible. If you are also interested in this project like me, you can keep an eye on it!