A new stablecoin protocol backed by digital asset manager Wave Digital Assets has launched its token on Binance Alpha and Kraken exchange. The project, called STBL, was founded by Reeve Collins, a serial entrepreneur best known as one of the co-founders of Tether.
The launch comes as both regulators and market participants intensify their focus on the role of stablecoins and tokenized assets in global finance. With more than $230 billion in stablecoins in circulation worldwide and tokenized U.S. Treasuries crossing $23 billion in locked value, the sector is emerging as a central battleground between traditional and decentralized finance.
STBL’s approach is designed to differentiate from established players by embedding real-world asset collateral and redistributing profits back to users. Its stablecoin, USST, will be backed by tokenized assets such as U.S. Treasuries. Yield generated from those assets will be directed to users, aligning with a shift toward more user-centric financial products.
The project also plans to incorporate on-chain governance, allowing token holders to vote on decisions related to upgrades, parameters, and treasury management. Industry observers note that governance integration has become a defining feature of new DeFi protocols, reflecting demand for transparency and community alignment.
The token generation event on Binance Alpha and Kraken exchange is the first milestone in a roadmap that also includes governance rollout, cross-chain interoperability, and staking mechanisms. Each step is intended to move the protocol from a simple token launch toward a fully developed stablecoin ecosystem.
The timing of STBL’s launch aligns with several macro trends:
Wave Digital Assets’ early involvement gives STBL credibility among institutional investors. The firm, which has managed approximately $1 billion in AUM, has a track record of supporting blockchain protocols and early-stage companies through its Wave Genesis VC fund, investing in both tokens and equity across DeFi and tokenization projects.
For Collins, who helped pioneer the stablecoin category with Tether, STBL represents a chance to iterate on the concept.
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