Stable

Stable is a real-world asset protocol that brings US mortgage markets on-chain. Its primary product is USDX, a stablecoin collateralized by mortgage-backed securities (MBS) and tokenized individual residential mortgages. USDX is live on Solana and Base (an Ethereum Layer 2), with on-chain liquidity available through Orca on Solana.

How USDX Works

USDX is backed by three categories of real-world assets: agency MBS—primarily Fannie Mae and Freddie Mac instruments, the same securities the Federal Reserve holds on its balance sheet—tokenized individual residential mortgages represented as on-chain NFTs, and tokenized real estate holdings generating rental income and appreciation.

The protocol targets a collateralization ratio of 1:1 or greater against these underlying assets. Chainlink oracle price feeds provide on-chain valuation of the collateral. Peg stability is further reinforced through USDX/USDC liquidity pools and smart contract redemption functions that allow holders to exit at par.

USDX holders who stake their tokens earn yield derived directly from the underlying assets: monthly payments from tokenized mortgages, income distributions from MBS holdings, and proceeds from real estate positions. This positions USDX as a yield-bearing alternative to fiat-backed stablecoins, offering exposure to US housing market cashflows rather than Treasury yields or money market instruments.

Tokenized Mortgages

One of Stable's technical distinguishing features is its mortgage tokenization infrastructure. Individual mortgages are encoded as NFTs on-chain, replacing the traditional model where mortgage documents live in bank databases or physical custodial systems. Stable connects directly to loan origination systems via API, with legal and compliance infrastructure designed to meet US regulatory requirements.

Mortgages can be tokenized at different levels of granularity: whole mortgages (one-to-one representation of a single loan), pooled mortgages (fractional shares in a portfolio), or separated cash flows (isolating income streams from collateral). This structure enables more efficient capital recycling and near-instant settlement compared to the multi-day cycles typical of traditional mortgage markets.

Homeowner Use Case

One of Stable's stated goals is enabling US homeowners to access the yield potential of their home equity without selling or refinancing. A homeowner deposits unused equity with Stable, which mints USDX against it. The homeowner then earns yield on that equity—in a documented case involving a Denver, Colorado property, the homeowner received approximately 4% APY on roughly $225,000 in idle equity.

Stable describes this as the first blockchain-native mortgage issued via Solana. The yield earned is optionally directed back toward mortgage principal, which the project projects could shorten a 30-year mortgage term by approximately nine years. Homeowners retain full ownership of their properties throughout.

Stable's founding documents described deploying deposited equity into low-risk DeFi strategies yielding around 8% annually after fees, with proceeds split between the protocol and the depositing homeowner.

POINTS Program

Stable operates a loyalty program called POINTS to reward early protocol participants. Points are earned through minting USDX (1 point per token minted), passively holding USDX (0.1 points per token per day), providing liquidity in USDX trading pairs (1 point per token per day plus bonuses tied to trading volume), trading USDX, referring new users (100 instant points plus 10% of referred users' ongoing daily earnings), and participating in Monad testnet activity. Stable has explicitly noted that POINTS carry no guaranteed monetary value and that program mechanics may change.

The POINTS program documentation also references EURX, a Euro-denominated stablecoin Stable intends to offer using the same real-world asset backing model.

Multi-Chain Strategy

USDX operates on Solana and Base. On Solana, liquidity is primarily available through Orca in USDX/USDC pairs. Stable has also engaged with the Monad and Starknet ecosystems and received a grant from the Starknet Foundation for its real estate tokenization work.

Team

Winston Robson is the founder and primary public-facing voice of Stable, authoring the project's Medium publications. No other team members have been publicly identified in available sources.

Security and Audits

No independent smart contract security audits for Stable have been identified in publicly available sources at the time of writing.

Ecosystem Context

Stable sits within the growing real-world asset (RWA) sector on Solana. By targeting the US mortgage market—backed by trillions of dollars in outstanding agency MBS and residential loans—the protocol addresses a significantly larger collateral pool than most DeFi RWA projects. The core proposition is democratizing access to institutional-grade mortgage finance: a DeFi user holding staked USDX gains exposure to the same assets that underpin large portions of the US financial system, without requiring a bank account, accreditation, or minimum investment.