STBL Launches Dual-Asset Stablecoin Model, Unbundling Yield from Principal

STBL, operating under the official handle @stbl_official, has introduced an innovative dual-asset model designed to redefine stablecoin utility by separating stable value from yield. The announcement, highlighted by Cointelegraph, details the launch of USST, a spendable stablecoin, and YLD, a token specifically crafted to capture yield from underlying collateral. This strategic separation aims to expand the applications of stablecoins within the digital asset ecosystem.

The new design fundamentally "separates stable value from yield, expanding how stablecoins can be used," as stated in the announcement by Cointelegraph on social media. USST is engineered as a liquid, dollar-pegged stablecoin, backed by real-world assets (RWAs) such as U.S. Treasuries and money market funds, making it suitable for transactions and decentralized finance (DeFi) applications. This over-collateralized stablecoin allows users to mint it by depositing approved RWA tokens.

Complementing USST, the YLD token is issued as a non-fungible token (NFT) at the time of minting, representing the user's claim to the future yield generated by the underlying RWA collateral. This mechanism ensures that users can deploy USST for liquidity and payments while retaining the accrued yield through their YLD NFTs. The STBL protocol, founded by Tether co-founder Reeve Collins and led by CEO Dr. Avtar Sehra, aims to return the value of stablecoin circulation from issuers back to users.

This "yield-splitting" model positions STBL as a "Stablecoin 2.0" solution, addressing the limitation of first-generation stablecoins where issuers typically captured all yield from reserves. The project secured pre-seed funding led by Wave Digital Assets and saw its governance token, STBL, listed on exchanges like Binance Alpha and Kraken in September 2025. STBL holders will participate in governance, voting on collateral types and protocol upgrades, fostering a community-driven ecosystem.

The introduction of USST and YLD aligns with a growing market demand for stablecoins that combine the security of traditional assets with blockchain accessibility and yield opportunities. With tokenized RWAs reaching significant total value locked by mid-2025, STBL's approach seeks to bridge traditional finance and DeFi by offering transparency and programmable, community-owned money. The roadmap includes further enhancements in governance, interoperability for USST across networks, and staking mechanisms.