Happy New Year, everyone! Wishing you smooth sailing and a continuous flow of wealth in 2026! 🎊

Last night, I went out specifically to watch the fireworks for the New Year, but it turned out so crowded that my little e-bike got stuck on the road—people everywhere! The fireworks were quite beautiful, but the price was being covered in dust. I washed my hair four or five times before it was clean. Next time, I won’t join in the fun again!

Recently, I was chatting with friends about stablecoins and found an interesting point—when we usually use USDT, USDC, we mostly care about whether we can exchange dollars stably and transfer quickly, and no one really ponders: where do the interest earnings from the money stored inside go?

Until I learned about @stbl_official 's Stablecoin 2.0 version. Its design concept is quite interesting, hitting some issues with traditional stablecoins and financial assets. The more I researched, the more fascinated I became!

Let me first give you some background:
We all know about government bonds and money market funds—they are safe and can generate interest. But in the past, ordinary people found it hard to access them—either you needed a dedicated brokerage account or had a minimum investment threshold. The key problem was that once you invested your money, it was locked in, and you couldn’t access it quickly if needed, which was very inconvenient.

Later, blockchain became popular, and some people moved these real-world assets onto the chain, turning them into tokens. The barriers lowered, and transactions became faster. But a new problem arose: these tokenized assets need quick settlement for trading.

Traditional bank transfers take several days, which can’t keep up with the pace. At this point, stablecoins became crucial. However, the interest from old stablecoins was all pocketed by the issuers, and users could only use them as free savings pots.

STBL’s core idea is to solve this problem. It directly separates principal and interest—simply put, when you deposit tokenized government bonds or money market fund assets on the chain, you receive two “certificates”:

One is USST, which is the stablecoin pegged 1:1 to USD. It can be used for transfers, collateralized loans in DeFi, or daily spending, with no liquidity issues.

The other is the YLD token, which specifically corresponds to the interest earned on your deposited assets. In the future, you can claim the earnings with it. It’s like returning the money that the issuer used to earn, back to us users.

Additionally, there is a governance token, STBL. Holding it allows participation in project voting—such as which assets can be used as collateral, how to control risks—rather than being decided solely by the issuer, making it more reliable.

What’s more interesting is that this system isn’t just for individual users. Enterprises with large cash reserves can issue their own stablecoins using the STBL system, making supply chain payments faster and more convenient, while earning interest on their reserves—much more cost-effective than keeping money in a bank.

Local governments can also use it to issue digital currency for public services. The interest earned can be used to build schools and roads, instead of being handed over to private institutions for free.

Banks can issue compliant digital assets through it, which won’t affect their balance sheets and can provide more flexible services to clients—creating a win-win situation.

Overall, the idea behind STBL is quite bold. It breaks the traditional stablecoin limitation of “only saving and not earning interest,” combining “safe interest-earning” with “flexible circulation.” It offers new ways for enterprises, governments, and banks, representing an interesting attempt to merge traditional finance with blockchain.

But since it’s a new project, there are uncertainties around regulatory policies, technical security, and whether partnerships can be realized. If future efforts focus on solid compliance and transparency, and address early liquidity and trust issues, this “principal and interest separation” model could bring significant changes to the stablecoin market.