STBL
- Company typePrivate
- Founded2024
- HeadquartersDubai, United Arab Emirates
- Headcount1–10
- GTM typeB2B and B2C
- OfferingSoftware
What STBL does
STBL is a decentralized, non-custodial stablecoin protocol operating under the "Stablecoin 2.0" thesis. The protocol is built and operated by Pi Technologies Ltd, a company incorporated in the British Virgin Islands, functioning as a remote-first organization with a small core team (1-10 employees). Its primary product surface is the STBL DApp at dapp.stbl.com, deployed on Ethereum and BNB Chain, where users connect Web3 wallets, deposit tokenized real-world assets (RWAs) such as Ondo USDY, OUSG, and BlackRock BUIDL, and mint USST stablecoins paired with YLD yield NFTs. The underlying architecture separates principal, yield, and governance into three distinct tokens — USST (ERC-20/ERC-4626 USD-pegged stablecoin), YLD (ERC-721 yield-bearing NFT), and $STBL (governance and value-accrual token, fixed supply of 10 billion). Technical components include over-collateralization with asset-specific haircuts, a tri-factor peg model with dynamic mint/burn rates, Multi-Factor Staking with up to 5x reward multipliers, Premium Buybacks above market price, and a publicly verifiable Proof of Reserves contract.
STBL firmographics
Firmographics- Name
- STBL
- Legal name
- Pi Technologies Ltd
- Website
- https://stbl.com
- Company type
- Private
- Founded year
- 2024
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Ownership category
- akta.pro rank
STBL industry classification
Industry- Product category
- Decentralized Stablecoin Protocol
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Finance Services (6199), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Mint/Redeem, Issuance APIs & Treasury Operations Platforms (FSADADAE)
- akta.pro secondary industries
- RWA Tokenization Platforms (asset onboarding, structuring, issuance) (FSAPAIAC), Stablecoin Risk, Monitoring & Analytics (Peg/Reserve/Flow) (FSADADAK), Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption) (FSAPAEAB)
Keywords
Where STBL is headquartered
LocationHeadquarters
- HQ city
- Dubai
- HQ country
- United Arab Emirates
- HQ region
- Middle East
Offices1 record
Markets served
STBL business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Marketing or Sales, Infrastructure, Operations
Revenue model
- Protocol Fees on Yield Distribution: A protocol fee equal to 20% of all yield generated from RWAs is automatically deducted at distribution. Fees are allocated to Development Reserve (platform operations, development, ecosystem enhancement), Loss Reserve Pool (mitigate potential defaults or losses from RWAs), and Rewards Pool (users participating in USST staking or lockup programs).
- USST Minting and Burning Fees: The protocol captures fees on USST mints and burns. These revenues flow to an on-chain treasury and are recycled through Premium Buybacks, burns, Multi Factor Staking rewards, and governance incentives.
- Ongoing Protocol Fees on YLD: Applied ongoing protocol fees on YLD tokens representing yield accrual from collateral. Fee structure may be modified by governance decisions, protocol upgrades, or risk management requirements.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Decentralized Protocol Access |
Go-to-market motion3 records
Distribution channels3 records
Marketing channels6 records
STBL product offering
Product offeringCore offering
STBL is a decentralized, non-custodial stablecoin protocol implementing a tri-token architecture: USST (a USD-pegged stablecoin backed by tokenized real-world assets), YLD (a yield-bearing NFT representing collateral yield), and $STBL (a governance token). The platform enables individual users to mint USST by depositing tokenized RWA collateral via a self-serve DApp, while institutional partners use its Money-as-a-Service (MaaS) framework to issue branded Ecosystem-Specific Stablecoins (ESS) anchored to USST.
Product overview
STBL is a decentralized, non-custodial protocol providing Stablecoin 2.0 infrastructure through a three-token architecture: USST (universal stablecoin), YLD (yield NFT), and $STBL (governance token). The platform offers a Money-as-a-Service (MaaS) framework for issuing Ecosystem-Specific Stablecoins (ESS), with Multi-Factor Staking (MFS) for reward optimization and Premium Buybacks for value accrual. Users interact via the STBL DApp (Ethereum and BNB Chain) using Web3 wallets, with protocol transparency ensured through Proof of Reserves and Dune analytics.
Differentiator
Problem solved
Functional benefit
Products and services
- USST (Universal Stablecoin) A dollar-pegged, ERC-20/ERC-4626 compliant stablecoin fully backed by tokenized real-world assets (USDY, OUSG, BUIDL) that serves as the universal settlement layer and liquidity anchor for all Ecosystem-Specific Stablecoins.
- YLD (Yield NFT) An ERC-721 compliant non-fungible token representing the right to claim yield generated by RWA collateral deposited during USST minting; separates yield from principal so users can earn yield while their USST remains liquid.
- $STBL Governance Token Governance and value-accrual token with a fixed total supply of 10 billion tokens; grants holders voting rights on protocol upgrades, collateral standards, risk parameters, treasury allocation, and fee structures, and captures value through Multi-Factor Staking rewards and Premium Buybacks.
- Ecosystem-Specific Stablecoins (ESS) A Money-as-a-Service framework enabling institutions, ecosystems, brands, and governments to issue their own branded stablecoins anchored to USST, with customizable collateral baskets, issuance rules, and yield management while remaining interoperable through the USST liquidity layer.
- Money-as-a-Service (MaaS) Infrastructure Core infrastructure platform providing compliant, modular issuance rails, RWA-backed collateralization, full on-chain transparency, and a unified liquidity layer through USST, enabling partners to launch stablecoins without building complex financial infrastructure.
- STBL DApp Decentralized application serving as the primary interface for the STBL protocol, enabling wallet connection, RWA collateral deposit, USST minting, portfolio management, and Multi-Factor Staking participation on Ethereum and BNB Chain.
Quantifiable outcome
- Up to $50M USST minting capacity with Ondo Finance partnership
- +3 more outcomes
Companies that use STBL
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles2 records
STBL technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Feature7 records
STBL partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered flagship and core.
- Hamilton LaneflagshipHamilton Lane provides its Senior Credit Opportunities Fund (SCOPE) as the underlying RWA collateral for the stablecoin. STBL's infrastructure uses Hamilton Lane's tokenized private credit as backing for USST stablecoin issuance on X Layer.
- SecuritizeflagshipSecuritize provides its digital securities platform for tokenizing Hamilton Lane's SCOPE fund and issuing the RWA-backed stablecoin. The partnership enables compliant, institutional-grade digital securities infrastructure for the X Layer stablecoin launch.
- WaveflagshipWave leads a $100M USST minting partnership leveraging institutional-grade collateral including USDY, iBenji, and BlackRock's BUIDL. Wave serves as a lead partner in establishing large-scale USST minting capacity using diversified RWA collateral.
- Franklin TempletonflagshipFranklin Templeton participates in the $100M USST minting initiative as a partner leveraging tokenized real-world assets. The partnership utilizes institutional-grade collateral for stablecoin minting, demonstrating traditional finance integration with STBL's stablecoin infrastructure.
- Ondo FinancecoreSTBL announced strategic partnership with Ondo Finance using USDY as primary collateral, enabling up to $50 million in USST minting capacity. USDY (Ondo's tokenized US Treasury money market fund) serves as the collateral mechanism for minting USST stablecoins. The collaboration emphasizes the role of tokenized real-world assets in stablecoin reserve architecture.
Scale indicators6 records
Recent moves6 records
Expansion highlights7 records
STBL competitors and assessment
Company assessmentEmerging players
- Maple Finance: Maple offers RWA-backed credit markets and a yield-bearing dollar product (syrupUSDC), overlapping with STBL's RWA-collateralized stablecoin and yield-distribution model.
- Plume Network: Plume is an RWA-focused L2 with an integrated stablecoin and tokenization stack targeting institutional partners; competes in the same niche of RWA-native stablecoin and asset-issuance rails as STBL.
- Hashnote: Hashnote issues USYC, a tokenized short-duration US Treasury yield product accepted as collateral across CeDeFi; closely comparable in positioning tokenized-RWA yield alongside STBL's USST collateral framework.
Direct peers
- Securitize: Securitize tokenizes Hamilton Lane's SCOPE fund (used as STBL collateral) and is positioned as institutional RWA issuance infrastructure — directly comparable to STBL's MaaS/ESS value proposition.
- Ethena Labs: Ethena's USDe separates yield from the dollar via synthetic hedges and a separate token for the yield component (sUSDe) — the closest architectural analogue to STBL's Principal-Yield Split with USST/YLD.
- MakerDAO / Sky: DAI/Sky is the dominant over-collateralized decentralized stablecoin with significant RWA backing (RWA Vaults); shares the decentralized stablecoin-plus-collateral ethos with STBL.
- Ondo Finance: Both Ondo and STBL build tokenized-RWA yield products issued by regulated entities; USDY is even accepted by STBL as primary USST collateral, making Ondo a direct comparable and a strategic supplier in the same category.
Broad incumbents
- Tether: Tether (USDT) is the largest stablecoin by circulation and was co-founded by STBL Chairman Reeve Collins; the incumbent reference point for any USD stablecoin competitor.
- Circle: Circle issues USDC, the largest regulated fiat-backed stablecoin and the primary incumbent STBL competes against in institutional dollar stablecoin use cases.
- Paxos: Paxos issues regulated stablecoins (USDP, PayPal's PYUSD) and tokenized products; competes directly with STBL's MaaS and ESS offering for institutional and enterprise issuance.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat6 records
Key risks5 records
Key highlights7 records
Customer concentration
STBL social profiles
Digital presenceSTBL compliance and trust
Trust signalCompliance2 records
STBL financial estimates
Financial estimateRevenue estimate
Valuation estimate
STBL leadership team
Management profileNumber of profiles
Profiles7 records
STBL funding detail
Funding detailFunding overview
Funding rounds2 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
STBL M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about STBL
What does STBL do?
STBL is a decentralized, non-custodial stablecoin protocol implementing a tri-token architecture: USST (a USD-pegged stablecoin backed by tokenized real-world assets), YLD (a yield-bearing NFT representing collateral yield), and $STBL (a governance token). The platform enables individual users to mint USST by depositing tokenized RWA collateral via a self-serve DApp, while institutional partners use its Money-as-a-Service (MaaS) framework to issue branded Ecosystem-Specific Stablecoins (ESS) anchored to USST.
Is STBL a public or private company?
STBL is a private company. It is classified as venture growth investor backed and is currently operating.
When was STBL founded?
STBL was founded in 2024. It employs 1 to 10 people.
Where is STBL based?
STBL is headquartered in Dubai, United Arab Emirates, in the Middle East region.
How does STBL make money?
Three revenue lines are on record. Protocol Fees on Yield Distribution is the primary driver. The others are USST Minting and Burning Fees and ongoing Protocol Fees on YLD.
Who are STBL's main competitors?
Emerging players on record are Maple Finance, Plume Network and Hashnote. Direct peers are Securitize, Ethena Labs, MakerDAO / Sky and Ondo Finance. Broad incumbents are Tether, Circle and Paxos.
Does STBL have an API?
No public API is recorded for STBL.
What industry is STBL in?
STBL's product category is Decentralized Stablecoin Protocol. Its primary akta.pro industry code is FSADADAE, Mint/Redeem, Issuance APIs & Treasury Operations Platforms, with a secondary code of FSAPAIAC, RWA Tokenization Platforms (asset onboarding, structuring, issuance). Its NAICS code is 522320 and its SIC code is 6199.