Reeve Collins, co-founder of Tether (USDT) and its first CEO from 2013 to 2015, has launched a decentralized stablecoin protocol emphasizing yield generation for users.
The project, known as STBL, represents what Collins describes as “Stablecoin 2.0,” shifting value from issuers back to the community through transparency, productivity, and community governance. Unlike traditional stablecoins where yield often stays with issuers, STBL uses a three-token model backed by real-world assets (RWAs) like U.S. Treasuries, allowing users to retain and earn yield without lockups or staking.
The project’s Token Generation Event (TGE) for the governance token $STBL occurred on September 16, 2025, marking its official debut. It’s already live on BNB Chain, with listings on Binance Alpha, Kraken, and PancakeSwap. Mainnet rollout is planned for late 2025.
Collateralized by tokenized RWAs from partners like BlackRock’s BUIDL fund, Ondo, BENJI, and USDY. Over $500 million in institutional commitments, including $100 million from Franklin Templeton (with $1.6 trillion AUM), have been secured.
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Yield Focus enters a $230+ billion stablecoin market where yield-bearing options (e.g., Ethena’s USDe at ~$4.5 billion market cap) are surging. STBL aims to make stablecoins “productive” by splitting principal and yield into separate streams, enhancing liquidity for DeFi, payments, and remittances.
How the Three-Token Model Works
STBL introduces a novel “yield-splitting” mechanism to address limitations in existing stablecoins (e.g., overcollateralized like DAI, reserve-backed like USDC/USDT, or algorithmic like FRAX). Users deposit RWAs to mint tokens, keeping yield accessible and programmable.
Stablecoin (spendable principal) | Pegged 1:1 to USD; backed by RWAs like T-bills; fully liquid for payments, trading, or DeFi without losing yield. Non-custodial and transparent on-chain.
Yield accrual captures passive yield (e.g., ~5% APY from Treasuries); tradeable, pledgeable, or reinvestable separately from principal. No staking required. Governance (community token) enables voting on protocol upgrades, interoperability, and staking for additional yields. Current market cap ~$200 million, seen as undervalued by early observers.
This model contrasts with older stablecoins by redirecting yield to users, fostering a “user-centric” ecosystem. Collins has emphasized in interviews that it creates “sustainable yield mechanisms” while maintaining stability.
Collins co-founded Tether in 2014 (initially as Realcoin), which grew from under $1 billion to $142 billion market cap, powering much of crypto’s trading volume. After leaving in 2015, he hinted at yield-bearing stablecoins to attract income-seeking investors.
Earlier in February 2025, he announced Pi Protocol (with tokens USP and USI) as a precursor focused on DeFi yield from bonds/RWAs, planned for Ethereum/Solana in H2 2025. STBL appears to be the realized evolution of that vision, co-founded with Avtar Sehra (Libre Finance) and backed by Wave Digital.
The project aligns with 2025 trends: tokenized Treasuries exploding in adoption, DeFi protocols unlocking liquidity while retaining yield, and stablecoins surpassing traditional payment networks in volume. Institutions like BlackRock are integrating it for compliant, on-chain exposure.
X discussions highlight its potential to “eat market share” due to institutional ties and Binance integration. Some predict quick listings and growth, though new launches can be volatile. It faces rivals like USDT, USDC, USDe, and Mountain Protocol’s USDM (offering ~5% yield). As a new entrant, peg stability and regulatory scrutiny (e.g., RWA compliance) will be key.
Phase 1 (TGE/listings) complete; Phase 2 adds governance; future phases include staking for extra yields and cross-chain interoperability.
The Confirmation of a MetaMask Token ($MASK) By Joseph Lubin Carries Several Implications For Users
Joseph Lubin, Ethereum co-founder and ConsenSys CEO, recently confirmed that a native token for MetaMask—likely ticker $MASK—is indeed coming “very soon,” potentially sooner than many expected.
This announcement has sparked widespread excitement in the crypto community, with speculation around airdrops for active users (e.g., those using swaps or bridges). In an interview on The Block’s “The Crypto Beat” podcast (aired September 18, 2025), Lubin stated:
The MASK token is coming—it may come sooner than you would expect right now.” He tied it directly to decentralizing aspects of the MetaMask platform, such as governance and features like swaps and Snaps.
No exact launch date was given, but the phrasing “very soon” aligns with the “sooner than expected” hint. Prediction markets like Polymarket now give strong odds (over 70%) for a 2025 release, with some betting on Q4.
The token aims to distribute control and ownership to the community, building on MetaMask’s role as the leading Ethereum wallet over 30 million monthly active users. It could enable voting on updates, fee sharing, or enhanced DeFi integrations.
While unconfirmed, early users (especially swap/bridge participants) are prime candidates. No official snapshots or claims yet—beware of scams. This fits ConsenSys’ push for Ethereum decentralization via tools like MetaMask, Infura, and Linea. It could boost ETH ecosystem activity amid rising “animal spirits” in the market.
The $MASK token is expected to enable decentralized governance, allowing users to vote on features, updates, or fee structures. This could shift MetaMask from a ConsenSys-controlled product to a community-driven protocol, aligning with Web3 ethos.
Token issuance may distribute economic incentives to users, incentivizing long-term engagement and loyalty. Anticipation of a potential airdrop based on wallet usage, swaps, or bridge transactions is already driving users to increase on-chain activity via MetaMask. This could spike transaction volumes on Ethereum and Layer 2 networks like Arbitrum or Linea.
The hype around $MASK has led to phishing attempts and fake token claims on X and other platforms. Users must stay vigilant, relying only on official MetaMask/ConsenSys channels. As the leading Ethereum wallet, a token could solidify MetaMask’s position against competitors like Coinbase Wallet or Phantom, especially by enhancing DeFi and NFT integrations.
Increased user engagement (swaps, bridging, etc.) could drive higher transaction fees and activity on Ethereum and its scaling solutions, benefiting validators and Layer 2 protocols. The token aligns with ConsenSys’ broader portfolio (Infura, Linea, Codefi), potentially creating a unified economic system that strengthens Ethereum’s infrastructure.
The announcement has fueled hype on X, with prediction markets showing 70%+ odds of a 2025 launch. This could draw speculative investment into Ethereum and related tokens. Depending on supply, utility, and airdrop mechanics, $MASK could command significant market interest, potentially mirroring successful token launches like $ENS or $UNI.
A high-profile launch could signal renewed “animal spirits” in the crypto market, especially if timed with a bullish cycle, boosting altcoin interest. The token could incentivize developers to build more Snaps custom plugins, enhancing MetaMask’s functionality (e.g., cross-chain support, advanced DeFi tools).
With $MASK enabling new features or rewards, DeFi protocols and NFT platforms integrated with MetaMask may see increased usage, fostering innovation. As a U.S.-based company (ConsenSys), the token launch may face regulatory hurdles, especially if classified as a security by the SEC. Compliance will be critical to avoid delays or restrictions.
The $MASK token could reshape MetaMask’s role in Web3, deepen Ethereum’s dominance, and spark market excitement, but its success hinges on execution, regulatory clarity, and community adoption. Stay tuned to official channels for updates.