Stable

Stable is a real-world asset protocol that brings residential mortgage markets onchain. Its flagship product is USDX, a yield-bearing stablecoin backed by US mortgage assets — including mortgage-backed securities, tokenized individual mortgages, and tokenized real estate. The protocol is deployed on Solana and Base, with Solana serving as a primary settlement layer for DeFi integrations and liquidity.

The Problem Stable Addresses

Home equity is one of the largest pools of untapped wealth in the United States, yet the vast majority of homeowners earn nothing on it while paying down a mortgage over 30 years. At the same time, the mortgage-backed securities (MBS) market — historically accessible only to banks, the Federal Reserve, and accredited institutional investors — generates consistent yield from homeowner interest payments. Stable's core thesis is that these two problems have the same solution: tokenize home equity and mortgage assets, issue a stablecoin against them, and let anyone earn the yield that previously flowed exclusively to institutional balance sheets.

How USDX Works

USDX maintains a $1 peg and is collateralized by three categories of mortgage-related assets:

• Agency mortgage-backed securities: Primarily Fannie Mae and Freddie Mac securities — the same instruments held on the Federal Reserve's balance sheet. These provide deep liquidity and government-sponsored backing.
• Tokenized individual mortgages: Residential loans generating monthly principal and interest payments from homeowners. Stable tokenizes these mortgages as on-chain assets and mints USDX against them.
• Tokenized real estate: Property holdings producing rental income and long-term appreciation, providing an additional layer of underlying collateral.

Every USDX in circulation is backed by underlying assets valued at or above $1. The peg is reinforced through Chainlink oracle integrations providing real-time asset valuations, liquidity pools paired with USDC on Orca (Solana's concentrated liquidity DEX), and automated redemption functions via smart contracts.

Users who hold USDX can stake their tokens to earn yield generated by the underlying mortgage asset portfolio — currently approximately 4% APY. This makes USDX a yield-bearing dollar instrument, not a passive stablecoin.

The Denver Case Study

Stable's first live deployment involved a homeowner named Sara in Denver, Colorado, who purchased her property near the end of the COVID-19 pandemic period. With roughly $225,000 in unused home equity built up through appreciation, and a remaining $375,000 mortgage at a sub-3% fixed rate, Sara's equity was earning nothing.

Stable tokenized Sara's home equity and minted USDX on Solana against it. Sara began earning 4% APY on the resulting USDX balance. She opted to direct the yield earned toward additional principal payments on her mortgage. Based on this reinvestment strategy, she is projected to pay off her 30-year mortgage more than nine years early — completing it in approximately 21 years rather than 30.

This case study establishes Stable's primary value proposition for homeowners: convert idle home equity into a productive asset without selling the property, while using the yield to accelerate debt paydown.

Solana Deployment and DeFi Integration

USDX is live on both Solana and Base. On Solana, the protocol takes advantage of the network's high throughput and low per-transaction fees for real-time settlement of stablecoin flows. Liquidity for USDX on Solana is available on Orca, where it is paired with USDC in concentrated liquidity pools. Stable has described an expansion strategy that includes growing integrations across Solana's broader DeFi protocol stack.

The protocol has also flagged plans to expand capacity across the Solana, Monad, and Starknet ecosystems as it scales the on-chain mortgage origination and equity tokenization pipeline.

USDX Evolution and Design

Stable has iterated on the stablecoin product through multiple versions — referred to internally as USDR, USDS, and then USDX — before settling on the current architecture. A euro-denominated companion token, EURX, is also available on Base for users seeking European real estate mortgage exposure.

The whitepaper, hosted in Stable's public GitHub repository (Stable-Finance/whitepaper), describes the full collateralization and redemption mechanics. The product's positioning targets users who want a stablecoin that earns genuine yield from the real economy rather than from crypto-native overcollateralization or algorithmic mechanisms.

Solana Ecosystem Fit

Stable enters Solana's stablecoin landscape from a differentiated position. While most Solana stablecoins are either fiat-backed (USDC, USDT) or crypto-collateralized (yield-bearing DeFi variants), USDX draws its backing and yield from the US residential mortgage market — a $12 trillion asset class entirely distinct from on-chain collateral. This positions USDX alongside real-world asset projects rather than competing directly with USDC or crypto-backed models.

The protocol's use of Solana for on-chain settlement, Orca for DEX liquidity, and Chainlink for oracle pricing reflects a deliberate integration into Solana's existing DeFi infrastructure rather than a standalone chain approach. Stable's waitlist is live at trystable.co, and the project has described active expansion work targeting more homeowners and mortgage assets.

Leadership

Winston Robson is identified as the author of Stable's public communications and Medium articles, and appears to serve as a primary public-facing voice for the project. No broader team disclosures were available in public sources at time of writing.