Stable

Stable (trystable.co) is a US real-world asset project that issues USDX, a stablecoin backed by home loans. It is not the USDX from Stables Labs (usdx.money), which lost its dollar peg in November 2025, and not Kava's USDX.

Stable's USDX aims to stay worth $1. Behind it sit loans secured on US homes, plus a pool of cash-like reserves. You can hold USDX like any dollar token, or stake it to earn yield paid from mortgage interest. Homeowners can also borrow USDX against the equity in their house.

USDX first launched on Solana in October 2025, and Solana is its main home. It has since expanded to Base, Ethereum, Monad, Robinhood Chain and Arbitrum One. The project is small: in October 2026 it had about $1.4 million of USDX in circulation, per its reserves page.

How does Stable's USDX stablecoin work?

USDX works like a bank that funds home loans with deposits, except the deposits are a token. You swap a supported stablecoin for USDX. Stable uses that money to fund loans against US homes, and the loans back the token.

Stable's documentation says reserves are kept at a book value of at least 102% of the USDX supply. There are two ways to mint USDX:

• Swap in stablecoins. Anyone can mint by depositing approved stablecoins such as USDC, USDT or USDG through the Stable app. You get USDX at 1:1, less a small mint fee.
• Deposit mortgages. Approved institutions can mint against mortgage collateral, valued at market rates, after KYB and KYC checks.

What anchors the peg is redemption: approved holders can swap USDX back for reserve assets at par. Stable's redemption docs list a 0.5% fee to redeem for USDC (minimum 100 USDX) or USD cash (minimum 100,000 USDX), and market-rate redemptions into whole mortgages or mortgage-backed securities for larger amounts. Redemption is open only to entities that have passed KYB or KYC. Standard redemptions take seven days, and you can pay a higher fee to go faster.

If you aren't approved to redeem, your exit is the open market. On Solana that means Raydium RAY$1.83-7.5% pools such as USDX-USDC and SOL-USDX, which you can reach through Jupiter JUP$0.312-5.5% or a wallet swap.

What backs USDX? Mortgage NFTs and reserves

USDX is backed mostly by loans on US homes. Each loan is recorded on Solana as an NFT. A small slice of the backing is held as cash-like reserves. The rules also allow agency mortgage bonds, the home-loan pools that Fannie Mae and Freddie Mac guarantee. But the reserves page showed none in October 2026.

Stable's reserves page shows the backing in close to real time. On 19 October 2026 it listed 80 active home loans worth about $1.4 million. The homes behind them carried far more equity than that.

Cash-like reserves were tiny next to the loans. They sit in USDC, PYUSD and USDG, or are lent out on Kamino Finance KMNO$0.038-10.4%, Jupiter Lend and Morpho to earn interest.

Each loan lives on-chain in the USDX program, tied to the Stable Home Debt NFT collection. The underwriting rules set these limits:

• Property: US residential only.
• Leverage: a combined loan-to-value cap of 85% across all liens.
• Lien position: first and second liens are both allowed.
• Checks: title, lien, ownership, debt and insurance before any USDX is issued.
• Monitoring: late payments tracked at 30, 60 and 90 days, and property values reassessed every quarter.

If a borrower defaults, the NFT carries the right to foreclose. Properties are valued with third-party appraisals and automated valuation models. Prices for USDX and staked USDX on Solana come from Switchboard SWTCH$0.00009220-11.5% oracle feeds, per Stable's official accounts page.

How to stake USDX for mUSDX yield

Staking USDX gives you mUSDX, a token that slowly grows in value as mortgage interest and protocol income build up in the staking vault. Your mUSDX balance stays the same. Each mUSDX is simply worth more USDX over time.

The steps are short. Get USDX, open the Stake page and deposit. You get mUSDX back. To leave, you unstake and wait out a seven-day cooldown before your USDX returns.

The official mUSDX mint on Solana is 3RyhjAivYTA1VyXJUG1qXgCLHq4zBvbD9B6bcrcDnKB9. Check it before you buy mUSDX anywhere else.

The yield is not fixed or guaranteed, per Stable's staking docs. It rises and falls with mortgage payments and protocol income, so check the app for the live rate. You can also earn on USDX by adding it to a trading pool. That pays trading fees and rewards with no cooldown, but brings the usual pool risks.

Stable Home Accounts: borrowing USDX against home equity

A Stable Home Account lets a US homeowner borrow USDX against the value of their home, much like a home equity line of credit. Stable checks the home and the owner. Then it opens a credit line you can draw on over a set period.

The minting docs say the checks usually take a few business days. Stable verifies your identity, the title, any other loans on the home, and your insurance. You can't borrow more than 85% of the home's value, counting all loans on it.

Stable collects the payments on Home Account loans itself. Other loans in the reserve use outside firms. Stable's pitch is that you can put the borrowed USDX to work and use the yield to pay down your mortgage. That only works if you earn more than you pay in interest, and that gap can turn against you.

USDX Chainlink Strategy Vault and cross-chain deposits

In October 2026, Stable opened pre-deposits for a "Chainlink Strategy Vault" built on Chainlink CCIP, Chainlink's cross-chain messaging system. The vault lets people on other chains fund USDX mortgage lending, while the loans and accounting stay on one home chain.

Chainlink launched CCIP Vault Adapters on 8 October 2026, letting one vault take deposits from more than 80 chains. Stable announced its integration on X the next day. The Earn page accepts eight assets across five networks: Ethereum, Arbitrum, BNB Chain, Robinhood Chain and Solana. On Solana that means USDC, USDX, LINK or SOL.

Read the fine print before you send funds. Pre-deposits go straight to the Stable team's Safe multisig wallet on each network. They are logged by sending address and credited to the vault when it opens. Until then, you are trusting the team's wallet, not a vault contract.

Baum, Stable's AI agent for USDX liquidity

Baum is an AI agent built by Stable Company to keep USDX close to $1. Since February 2026 it has watched USDX trading pools on Solana and Robinhood Chain. When the price drifts more than a cent from $1, Baum trades to pull it back.

Stable's October 2026 case study says Baum works within set limits, with cooldowns and a daily spending cap. Baum is now also a public product. Holders can use it in Telegram to add liquidity, trade and copy other traders. It has its own token, BAUM, separate from Stable's tokens.

Founder Winston Robson wrote on 13 October 2026 that Baum had driven a more than tenfold jump in USDX volume and active wallets over the past month. He also said Baum is run to help Stable's main USDX business. For you as a holder, that means the peg partly rests on a bot run by the issuer.

Who is Stable USDX for?

USDX suits crypto users who want dollar yield from US home loans rather than Treasury bills, and who can accept a small, young issuer. It also suits US homeowners who want to borrow against their equity on-chain.

USDX fits best if you:

• want income that doesn't depend on crypto prices or trading activity, and can live with a seven-day unstaking cooldown;
• are sizing a position you could hold through a slow exit, since market liquidity on Solana is thin;
• are a US homeowner comfortable with a crypto-native lender and with on-chain foreclosure rights over your property.

USDX is a poor fit if you:

• need instant, deep liquidity for large amounts, or a stablecoin accepted widely across DeFi;
• can't complete KYC or KYB, because then you can't redeem at par and can only sell on the market.

Is Stable USDX safe? Risks, audits and admin keys

USDX is an early, small stablecoin with real risks. We found no public smart contract audit. The programs can be upgraded. The Solana mint authority is a regular wallet. And only a sliver of the reserve is held in cash-like assets.

No public audit. Stable's docs and risk disclosures name no audit firm or report, and we found none in public sources in October 2026.

Admin keys. Stable's risk disclosures say the USDX programs on Solana can be upgraded by an upgrade authority, and a compromised authority could push a malicious upgrade. Stable doesn't publish the program IDs, so we couldn't check who holds that authority. We could check the mint. Solscan lists the USDX mint authority as 9TYUScB6w9hG4YACcHsWs93AEA5xQKuQhrC4p1mUGKGA. That is an ordinary wallet, not a program-controlled account or multisig vault, so whoever holds its key could create new USDX.

Thin liquid reserves. On 19 October 2026 the reserves page showed under $6,000 in liquid reserves against about $1.4 million of supply. Redemptions lean on loans being repaid and on reserves lent out on Kamino and Jupiter Lend. Stable's own disclosures warn that redemptions can stretch to the seven-day window under stress, and that USDX may trade below $1 if pools are thin or the express-redemption USDC runs out.

Credit risk. Second-lien loans take losses first if a borrower defaults. A sharp fall in US house prices could leave the reserve short.

Counterparties. USDX depends on Kamino, Jupiter Lend, Raydium, Jupiter's router, RPC providers Helius and Alchemy, and Stable itself as loan servicer. US mortgage and KYC rules add regulatory risk.

Chain isolation. USDX on each chain has its own treasury, and those tokens can't currently be bridged to or from Solana.

Concentration. The project relies heavily on its founder, and Solscan showed fewer than 200 USDX holders on Solana on 19 October 2026.

Stable USDX vs other yield-bearing stablecoins on Solana

USDX is one of very few Solana stablecoins backed by single US home loans. That makes it rare. It is also far smaller and less tested than the yield-paying dollars most Solana users hold.

• Ondo USDY$1.15+0.3% USDY is backed by short-term US Treasuries and bank deposits. It earns a Treasury-style yield from a much larger issuer, but holds no mortgage risk and offers no borrowing for homeowners.
• Maple Finance syrupUSDC earns yield by lending to institutions. Like USDX it carries credit risk, but it is much larger and more liquid on Solana.
• Figure is a large US home-equity lender that records its loans on-chain and has brought them to Solana (see our Breakpoint keynote summary). It is the closest TradFi-scale comparison for Stable Home Accounts.
• Parcl PRCL$0.00592-4.4% gives price exposure to real estate markets through trading, not lending. Pick it if you want to bet on house prices rather than earn interest.

STABLE token, RATES and the Stable points program

Stable has a community token called STABLE on Solana, and plans a separate protocol token called RATES. RATES has not launched yet. Neither token is a claim on the USDX reserve.

Stable launched STABLE in February 2026 as a memecoin on Pump.fun, so it could enter Pump.fun's Build in Public hackathon, per Stable's roadmap. The official mint is 4AjvPXMn8YZG9saAVJvcWspg73oTFf2JmU4in4Xgpump.

Robson wrote on X that Stable did not win the hackathon. STABLE now mostly feeds the points program. Holding a large STABLE balance doubles your points, and trading or holding it earns points too.

Robson also said STABLE will move over to RATES when RATES launches. The swap ratio hasn't been made public. In the USDX whitepaper, people who stake RATES take the first hit if the reserve loses money. They also check new loans and vote on a short list of risk settings. Robson said he hopes RATES launches before the end of 2026, but no date is set.

The Stable points program rewards minting, holding, staking and providing liquidity for USDX, plus referrals. The Points page runs a public leaderboard. Stable has also issued EURX, a euro stablecoin on Base.

Stable team and history

Stable is run by Stable Company. Founder and CEO Winston Robson is its public face: he writes Stable's Medium blog and posts as @stablewinston. Stable hasn't publicly named other team members.

Key dates:

• October 2025: USDX mints for the first time on Solana, per Solscan.
• February 2026: the STABLE token launches, and Baum begins managing USDX liquidity.
• 2026: USDX expands to Ethereum, Monad, Robinhood Chain and Arbitrum One, adding to Base.
• October 2026: Stable adds the Chainlink CCIP strategy vault and enters the Colosseum Crypto World's Fair hackathon.

The official X account is @trystable. The older @stable_tweets handle has been quiet in recent months.