Traditional funding has long had a way of dividing capital from coupons, which allows investors to separate interest payout streams from the principal. Now is a team of stablecoin and blockchain-based assets (RWA) Pioneers do the same for tokenized assets.
A new startup, STBL, emulates Tradfi’s zero coupon strip structures by converting digital assets into a dollar-pegged stableecoin and yield-bearing non-swingable token (Nft). As with the traditional equivalent, the components can be kept separately so that investors can keep the part that appeals to them and sells the other bits to counterparties with different attitudes to risk.
The product, which is currently in beta -testing, goes beyond just packing the risk in different tranches. It also extends the StableCOin issuing model. With regular stableecoins, like USDT, the issuing company in this case holds the Tether returns on the treasuries they have to maintain the token stick for the dollar. It’s profitable business Tether reported $ 4.9 billion net profit in the second quarter. With STBL, the one who deposits a tokenized asset in the system, the minter becomes and holds the return.
“Our mission at STBL is to develop stableecoins from corporate products to public infrastructure,” said STBL co-founder Reeve CollinsAt There was also a co -founder of Tether. “For the first time, Minters, not the issuers, are retaining, the value of reserves. This is the defining shift of stablecoin 2.0: Money that is stable, compatible and built to earn society.”
When a yield-bearing asset on the chain-this can be any yield-bearing RWA, such as Franklin Templeton’s Benji, Blackrocks Buidl or Ondo’s USDY is dismissed and locked in the STBL protocol it is divided into a stableecoin (Unsst) that can circulate and serve as security or reserves in decentralized funding (Defi) and a separate, the yield of non-spongy token (Nft) Called Ydl.
The design is intended to remain a non-security in spirit and adapt to the US genius law and other regulatory frameworks by separating the principal from dividends, said CEO Avtar Sehra, who is also co-founder of the project and was the CEO and founder of Kaio (formerly Libre Capital).
“When a user who is already whitened with a Franklin Templeton or Blackrock Fund, locks to STBL, they receive an NFT that controls the vault,” Sehra said in an interview. “You have NFT and accrue interest, while the stable asset can be used as a security, as a reserves or for minting an ecosystem -specific stableecoin in line with genius requirements.”
In the year or so before Stbl started, Sehra and Collins then on how RWAS or tokenized securities could be used in defi; asked how they worked as security; How Money Market Funds became the reserves for minting stableecoins and so on.
There had been a perception that the wrapping of an asset that takes a tokenized security and placed it in a vault meant that the asset is no longer counted as a security for US rules. But it is not clear that the wrapping of something “deviates from or extracts the safety -like essence” of the asset, Sehra said.
To ensure that the USST STABLECOIN component is not considered as a security required a mechanism to maintain dollar stick. This is achieved by ensuring that it is slightly above collateral combined with an incentive system related to coin fees and combustion credits, whose deviation occurs in an unstable market. Sehra referred to Stbl’s PEG maintenance system as “synthetic” rather than “algorithmic.”
“The reason I call it a synthetic is because, although it has this interest rate sales algorithmic component for it, it is 103% compared to security tasks with pure money market assets,” he said. “As a result of this new structure, eligible participants who have allowed RWAs, mint and burn compatible stableecoins. So while MINTERS can hold the yield, the stable asset can be used openly without breaking the non-bending rent requirements in the genius law. That’s exactly where STBL works.”
The decentralized control token, also called STBL, is added to Binance Alpha, Binance Futures and Kraken Spot and will soon list on other spot exchanges, Sehra said.
On September 16 -debut of the STBL steering token has been hailed as one of the most successful token -generating events in 2025, Sehra added. It was launched at $ 100 million fully diluted value and demand pushed it over $ 1 billion. It is currently $ 1.3 billion, after hitting a highlight of approx. $ 2.3 billion within 24 hours.
The next steps involve a $ 100 million mint with the help of Franklin Templeton’s Benji token, Sehra said, and also the announcement of several other partnerships, including with an American -based paying company. The protocol must be opened to the public in the fourth quarter.
