STBL's Stablecoin Flip: Minters Earn Yield as Token Surges 455% in 24h

Reeve Collins, co-founder of Tether, has launched STBL, a new stablecoin project dubbed "Stablecoin 2.0," aiming to redefine the stablecoin landscape through a novel three-token architecture and real-world asset (RWA) integration. The initiative, backed by Wave Digital Assets-a venture fund with over $1 billion in assets under management-seeks to address limitations in traditional stablecoins by enabling users to earn yield while maintaining liquidity. STBL's governance token, also named STBL, went live on September 16, 2025, with a 455% surge in its first 24 hours, reaching a peak of $0.17.

At the core of STBL's innovation is a three-token system: , a dollar-pegged stablecoin; , a yield-bearing non-fungible token (NFT) representing returns from collateralized assets; and , the governance token. Users deposit RWAs-such as U.S. Treasuries and AAA-rated money market funds-to mint USST, which can be used for spending or DeFi collateral, while retaining YLD for yield. This structure decouples liquidity from yield, a departure from traditional models where issuers capture returns. "Minters, not issuers, retain the value of reserves," Collins emphasized in an interview with Cryptonews, highlighting the shift toward decentralized governance and transparency.

The project's compliance with regulatory frameworks like the U.S. GENIUS Act and the EU's MiCA underscores its institutional appeal. STBL's over-collateralized design ensures stability, with smart contracts automating minting, reserve checks, and yield distribution. Institutional partners, including Franklin Templeton and BlackRock, are tokenizing assets to serve as collateral, aligning with growing demand for RWA-backed digital assets. By Q3 2025, RWA tokenization volumes had surged 25% quarter-over-quarter, according to on-chain analytics, reflecting broader market confidence.

STBL's beta dApp, launched in Q3 2025, supports minting and redeeming USST and YLD across Ethereum, Solana, and Polygon, with plans to expand to Ethereum Layer 2s and Solana in 2025–2026. The protocol's governance model allows STBL holders to vote on parameters such as collateral types, fee structures, and treasury allocations. This decentralized approach contrasts with centralized stablecoins like USDT and USDC, which face scrutiny over transparency and yield retention.

The roadmap includes institutional-grade minting capabilities, multi-chain interoperability, and staking mechanisms to enhance yields. By Q4 2025, STBL aims to onboard institutional liquidity providers and expand its RWA collateral base beyond Treasuries. Long-term, the project targets global adoption in emerging markets, with plans to establish a presence in South Asia, the Middle East, and Latin America.

Collins envisions STBL as a bridge between traditional finance and DeFi, leveraging AI-driven transaction optimization and programmable liquidity. "In the future, you'll talk to your wallet," he said, predicting AI would automate complex financial decisions, prioritizing efficiency and profitability. However, risks remain, including regulatory shifts, liquidity constraints due to a 5% circulating token supply, and market volatility tied to interest rate fluctuations.

[1] STBL Price Skyrockets 500% in 24h as Volume Hits $472M (https://www.coingabbar.com/en/price-prediction/stbl-price-prediction-bulls-target-030-support)

[2] STBL Stablecoin: Yield-Splitting, RWA Backed, Community-Led (https://dropstab.com/research/crypto/stbl-a-new-breed-of-stablecoin)

[3] Reeve Collins Charts the Future of Stablecoins and Web3 (https://cryptonews.com/exclusives/from-tether-to-stbl-reeve-collins-charts-the-future-of-stablecoins-and-web3/)

[4] Institutional Stablecoin Investment Report: Q3 2025 (https://www.stablecoininsider.com/institutional-stablecoin-investment-report-q3-2025/)

[5] STBL's Roadmap and Development Phases (https://docs.stbl.com/governance-and-decentralization/roadmap-and-development-phases/)