Deconstructing STBL: stablecoin + NFT revenue rights, hype or innovation?

Author: Alea Research

Compiled by: Shenchao TechFlow

Stablecoins have become an indispensable part of decentralized finance (DeFi), but they also come with numerous trade-offs and challenges.

For example, over-collateralized crypto assets that support stablecoins (such as DAI) face volatility risks; centralized stablecoins (like USDC and USDT) have almost no assurance regarding reserve transparency; algorithmic stablecoins (such as UST or FRAX) have proven difficult to maintain stability. Furthermore, stablecoin issuers typically capture the yields generated by the supporting assets, while users are unable to benefit from them.

STBL has proposed a fourth solution: allowing users to mint stablecoins through fully collateralized real-world assets (RWA) while retaining the generated profits. STBL divides users' deposits into disposable stablecoins and a yield-generating NFT position, providing holders with liquidity and predictable returns.

In this issue, we will delve into the architecture of STBL, the market problems it addresses, and the specific operation of the product.

What is $STBL

$STBL is a non-custodial stablecoin backed by U.S. Treasury bonds or private credit. The key distinction from other solutions lies in its three-token design: $STBL, $USST, and $YLD. Among them, $STBL serves as the governance token, and the two primary stablecoin tools are:

USST: A fully collateralized stablecoin pegged to the US dollar at a 1:1 ratio, issued under the ERC-20/4626 standard, and can be used for on-chain payments, exchanges, and lending. USST can be used for on-chain payments, providing liquidity, lending, or staking into the protocol's Liquidity and Minting Pool (LAMP). Users can redeem their underlying collateral assets at any time without penalties.

YLD: An ERC-721 NFT that represents the holder's right to the income generated from deposited assets. Each YLD token accumulates real-time interest based on coupon payments from tokenized government bonds, private credit, or other fixed-income instruments. The NFT design enables income isolation and transferability through over-the-counter (OTC) trading, while preventing retail speculation.

(Previously, STBL was known as Pi, where USI refers to YLD and USP refers to USST.)

STBL adopts a “Mint-to-Earn” model, distributing governance tokens STBL through rewards for early users' minting activities, thereby helping to kickstart liquidity. This model allows users to earn passive income by holding YLD tokens, with these earnings coming from real-world assets (RWA), rather than from inflationary issuance or leveraged operations. Users can choose from multiple vaults, including a low-risk treasury vault with a predictable annual yield of 4-5%, or a high-return private credit vault with an annual yield of 10-12%.

STBL also maintains a transparent fee structure, allocating 20% of all profits to ensure sustainability. These fees are distributed to the following uses: the financial reserve for development, the loss reserve pool for absorbing defaults, rewards for stakers in USST, and additional benefits for long-term lock-up participants (sUSST).

The market landscape of stablecoins and the adoption of Real World Assets (RWA)

Stablecoins are one of the most widely used assets in digital finance, with a circulation exceeding $290 billion in 2025. However, the earnings from their reserves are still captured by the issuers.

At the same time, the total locked value of tokenized government bonds and other real-world assets (RWA) has exceeded $30 billion, reflecting the growing on-chain demand for regulated, yield-generating instruments. STBL directly channels the predictable cash flows generated by real-world assets to stablecoin users, creating a sustainable alternative to unstable algorithmic coins and opaque custodial models.

$STBL Token Economics

$STBL is a governance/fee token for a three-asset system that separates currency ($USST) from yield ($YLD). In principle, protocol fees (such as minting/redeeming, yield routing, or auctions) and parameter changes (such as oracles, collateral, and token issuance) are determined by STBL governance.

The total supply of $STBL is 10 billion, with an initial unlock amount of 825 million (accounting for 8.25% of the supply).

The token unlocking plan is as follows:

Private Placement 1 / Team / Advisors: 12 months cliff period (5% released immediately after the cliff period, then linear release over 18 months)

Private placement 2: 6 months cliff period → 12 months linear release.

Public: 3-month cliff period → 6-month linear release.

Staking: 6 months cliff period → 18 months linear release.

Ecosystem: TGE releases 10%, followed by a 12-month linear release.

Liquidity and Market Making: 4% released at TGE, followed by 12 months of linear release.

Treasury Reserve: 45% released at TGE, followed by a 12-month linear release.