Stablecoins have long been criticized for capturing the yield of backing assets while giving users only the right to hold a “safe” dollar-like token. STBL aims to flip that paradigm: it lets users mint a stablecoin while retaining yield streams from real-world assets. This week, we focus on STBL, a protocol reimagining stablecoin mechanics with real-world asset backing, yield splitting, and governance.
Launched in 2025, STBL is a decentralized stablecoin protocol built to let users deposit high-quality real-world assets (RWAs).
Today, we will cover the following topics:
– About STBL
– How does STBL work?
– Key Features
– Technical Analysis
– Why is STBL The Coin of the Week?
About STBL (STBL)
What is STBL?
STBL is a “Stablecoin 2.0” protocol. Instead of issuing a stablecoin where users lose yield (because the protocol or issuer collects it), STBL splits the stablecoin’s principal from its yield.
When a user deposits an RWA, they receive USST (a dollar-pegged stablecoin) plus a YLD NFT that accrues yield over time.
The USST circulates freely in DeFi, while yield remains claimable via YLD.
The protocol uses over-collateralization, risk models, haircuts, and dynamic collateral management to maintain stability and peg integrity even under pressure.
Dig deeper into STBL whitepaper.
STBL Token
STBL is the governance and utility token of the STBL ecosystem. It coordinates decisions, captures value from protocol fees, and aligns stakeholder incentives.
Key roles of STBL include:
Governing collateral parameters, interest curves, fee structures, and protocol upgrades.
Participating in staking mechanisms where holders may lock STBL to earn rewards from fee distributions.
Facilitating buybacks or token burns using revenue generated by the protocol to support price floor.
Ensuring that growth in stablecoin usage, minting activity, and collateral deposits translates into value for STBL holders.
How does STBL work?
Deposit & Mint
A user deposits a qualifying RWA (say, tokenized treasury securities). The protocol locks it and mints USST, while issuing a YLD NFT tied to the yield stream.
Yield Accrual & Claim
Over time, the YLD NFT accumulates yield from the underlying asset. Holders of YLD can claim this yield without touching the original collateral or stablecoin.
Stablecoin Use & Circulation
USST functions like any stablecoin: users can spend it, lend it, use as collateral in DeFi, or move it across chains.
Governance & Protocol Growth
STBL token holders vote on system parameters like collateral limits, risk thresholds, and expansion to new RWA types. The protocol may also use minting fees or other revenue to buy back STBL or reward participants.
Peg Stability & Risk Control
The system maintains overcollateralization, monitors collateral health, applies dynamic haircuts, and may liquidate or rebalance collateral if needed to protect the peg under stress.
Key Features and Use Cases
Yield-Splitting Mechanism
Collateral deposits generate both USST (stablecoin) and YLD (yield-claiming NFT), decoupling yield from spendable value.
Real-World Asset Backing
Uses tokenized treasuries, money-market funds, or other high-quality RWAs for backing, rather than relying solely on crypto collateral.
Overcollateralization & Risk Controls
Protocol enforces collateral haircuts, dynamic monitoring, and safeguards to maintain peg stability.
Efficient Capital Use
Users can use USST freely in DeFi while still earning yield through YLD, improving liquidity and capital efficiency.
Interoperability Focus
Designed to integrate with multiple blockchains and DeFi ecosystems, enabling cross-chain stablecoin flows.
Incentive Alignment
The more USST is minted and used, the more utility and potential value accrues to STBL through governance and fee revenue.
Technical Analysis
STBL has been one of the few altcoins to sustain a bullish trend throughout this month.
This week, it broke above the red-marked structure, signaling the start of a new bullish impulse.
As long as the bulls remain in control, a continuation towards the upper boundary of the channel at $0.6 can be expected.
Why is STBL The Coin of the Week?
STBL represents one of the most innovative stablecoin models in DeFi—a system that doesn’t force users to surrender yield for liquidity. Its dual structure (USST + YLD) bridges the gap between passive income and financial utility.
Backed by real-world assets, it elevates transparency, capital efficiency, and decentralization in stablecoins.
From a technical perspective, STBL has demonstrated resilience while most altcoins have been dumping this month. As long as it holds within its rising flat channel, it presents a solid buying opportunity for investors.
This week, we explored STBL, the native token of the STBL protocol, a next-generation stablecoin ecosystem built around real-world asset collateral and yield-splitting mechanics. By combining overcollateralized deposits, the minting of a dollar-pegged stablecoin (USST), and a unique yield-claim NFT (YLD), STBL allows users to unlock liquidity without giving up the yield from their underlying assets.
Thanks for tuning in to this week’s coin of the week! We appreciate your readership and enthusiasm for exploring the crypto landscape with us.
See you next week for another coin of the week! 🚀
