Stable Unveils StableEarn as USDT Yield Product on Morpho

TLDR

• Stable has launched StableEarn to help USDT holders access yield through real-world asset products.
• The product uses Theo’s RWA suite tied to assets such as U.S. Treasurys and gold.
• StableEarn is built on Morpho, with risk management parameters curated by Gauntlet.
• The vaults route USDT deposits into Theo’s yield products instead of relying on crypto token incentives.
• Stable said the product expands yield options for users on its USDT-focused Layer 1 blockchain.

Stable has introduced StableEarn, a new yield product that lets USDT holders access returns tied to real-world assets through Theo’s onchain products.

According to Stable’s Tuesday statement, StableEarn gives Tether’s USDT users a way to earn yield from products connected to assets such as U.S. Treasurys and gold. The company said the product uses Theo’s real-world asset suite, which includes products such as thUSD, thBILL, and thGOLD.

Theo CIO Iggy Ioppe said StableEarn brings “USDT-native” and “institutional-grade” yield to onchain dollar users, with returns generated by real-world markets. Theo works with partners including Standard Chartered’s Libeara and Wellington Management on its RWA products, according to the announcement.

Stable, a Layer 1 blockchain built around USDT, said the product is designed for holders of Tether’s stablecoin, the largest stablecoin by supply. The project is backed by Bitfinex and previously raised $28 million in a funding round co-led by Bitfinex and Hack VC, with Franklin Templeton among the investors.

StableEarn Routes USDT Into RWA Products

Stable said StableEarn is built on Morpho, a decentralized lending protocol, with risk parameters curated by Gauntlet. Under the vault structure described by the companies, users deposit USDT into automated smart-contract pools that move funds into Theo’s yield-generating products.

The companies said the vaults do not depend on token emissions or crypto incentive programs often used in some DeFi yield products. Instead, StableEarn links deposits to products tied to real-world markets through Theo’s platform.

Stable CEO Brian Mehler said USDT holders have long faced challenges when trying to put their stablecoin holdings to work at competitive yields. In his statement, Mehler said StableEarn combines institutional-grade yield with a blockchain built specifically around USDT.

Vaults in DeFi are automated pools that use smart contracts to deploy user deposits into selected strategies. In StableEarn’s case, the companies said USDT deposits are routed into Theo-developed products rather than being used for reward-token-based yield programs.

Stable Expands Its USDT-Focused Ecosystem

Stable’s launch of StableEarn comes after the project rolled out its mainnet last year. The network presents itself as a USDT-dedicated Layer 1 blockchain, with Bitfinex among its key backers.

Tether’s USDT remains the largest stablecoin in the market, giving Stable a large target user base for products built around dollar-denominated blockchain activity. Stable said StableEarn adds another use case for USDT holders who want yield options connected to real-world asset products.

At the same time, the product places Theo’s RWA offerings at the center of Stable’s yield strategy. According to the companies, Theo’s products are tied to assets such as Treasurys and gold and involve partners including Libeara and Wellington Management.

The launch also puts Morpho and Gauntlet into the product’s operating structure. Stable said Morpho provides the vault framework, while Gauntlet curates risk management parameters for the product.

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