What is the STBL protocol? Minting stablecoins by collaterizing real-world assets (RWA), tokenomics analysis.

The first stablecoin with a separation mechanism for yields, allowing users to hold NFTs to obtain returns from underlying assets. This article is sourced from a piece written by Alea Research and organized, compiled, and authored by Deep Tide TechFlow. (Previous context: The Federal Reserve cut rates by 0.25% in September's FOMC, Powell stated 'Tariff impact is limited,' Bitcoin broke through 117,300) (Background supplement: The Federal Reserve's mouthpiece: Powell's final battle, how to bear the thorny economic and political pressure) Stablecoins have become an indispensable part of Decentralized Finance (DeFi), but they also bring numerous trade-offs and challenges. For example, over-collateralized crypto assets supporting stablecoins (like DAI) face volatility risks; centralized stablecoins (like USDC and USDT) have almost no guarantees regarding reserve transparency; algorithmic stablecoins (like UST or FRAX) have proven difficult to maintain stability. Moreover, stablecoin issuers typically capture the yields generated by the supporting assets, while users are unable to benefit from them. STBL proposes a fourth solution: allowing users to mint stablecoins fully collateralized by real-world assets (RWA) and retain the generated yields. 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 STBL's architecture, the market problems it addresses, and the specific operation of the product. What is $STBL? $STBL is a non-custodial stablecoin supported by US Treasury bonds or private credit. The key distinction from other solutions lies in its three-token design: $STBL, $USST, and $YLD. Among them, $STBL is the governance token, and the two main stablecoin instruments are: USST: a fully collateralized stablecoin pegged to the US dollar at a 1:1 ratio, issued under the ERC-20/4626 standard, usable for on-chain payments, exchanges, and lending. USST can be used for on-chain payments, liquidity provision, 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 rights to the yields generated from the deposited assets. Each YLD token accumulates interest in real-time based on coupon payments from tokenized Treasury bonds, private credit, or other fixed-income instruments. The NFT design achieves yield isolation and allows for transfer via OTC Trading while preventing retail speculation. (Previously, STBL was known as Pi, where USI corresponds to YLD, and USP corresponds to USST.) STBL adopts a 'Mint-to-Earn' model, distributing governance token STBL based on the proportion of minting activities that reward early users, thus helping to kickstart liquidity. This model allows users to earn passive income by holding YLD tokens, with these yields sourced from real-world assets (RWA), rather than inflationary issuance or leverage operations. Users can choose from multiple vaults, including low-risk ones with predictable annual percentage rates of 4-5% from Treasury bonds, or high-return private credit vaults with annual percentage rates of 10-12%. STBL also maintains a transparent fee structure, allocating 20% of all yields to ensure sustainability. These fees are distributed to the following uses: fiscal reserves for development, reserves for absorbing default losses, rewards for stakers of USST, and additional returns for long-term lock-up holders (sUSST). The stablecoin market landscape and the adoption of real-world assets (RWA) Stablecoins are among the most widely used assets in digital finance, with a circulating supply exceeding $290 billion by 2025. However, the yields on their reserves are still captured by the issuers. At the same time, the total locked value of tokenized Treasury bonds and other real-world assets (RWA) has exceeded $30 billion, reflecting the growing on-chain demand for regulated, yield-generating tools. 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 tokenomics $STBL is a governance/fee token for a three-asset system that separates currency ($USST) from yields ($YLD). In principle, protocol fees (such as minting/redeeming, yield routing, or auctions) and parameter changes (such as oracles, collateral, 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 unlock plan is as follows: Private Sale 1 / Team / Advisors: 12 months cliff (5% released immediately after the cliff, then linear release over 18 months) Private Sale 2: 6 months cliff → 12 months linear release. Public: 3 months cliff → 6 months linear release. Staking: 6 months cliff → 18 months linear release. Ecosystem: 10% released at TGE, then 12 months linear release. Liquidity and market making: 4% released at TGE, then 12 months linear release. Treasury reserves: 45% released at TGE, then 12 months linear release. Related reports US Treasury Secretary Yellen: Stablecoins will become major buyers of Treasury bonds! Negotiations have been held with Tether and Circle. Tether plans to engage in 'real mining' investments in the gold mining industry, currently holding $8.7 billion in gold reserves. Rumble is planning to spend $1.17 billion to acquire AI giant Northern Data, with major shareholder Tether giving the green light, RUM jumped 13%. (What is the STBL protocol? Minting stablecoins by collateralizing real-world assets (RWA), tokenomics analysis) This article was first published in BlockTempo, the most influential blockchain media.