Hey guys, happy holidays! Taking advantage of the break to relax properly, and hanging out with good friends for a barbecue—so happy! This is the last holiday before the Spring Festival, and next up is the final sprint for finals week!

Even during the break, I haven't been idle. Today, I want to dive deeper into @stbl_official~ Actually, it's a decentralized non-custodial protocol that focuses on "Stablecoin 2.0." Its core concept is quite interesting—splitting the stability, yield rights, and governance rights of stablecoins into three separate tokens. Today, let's focus on the "stability" aspect with USST~

We all know that stablecoins are quite common in crypto now, like USDC, USDT, etc. People mainly use them for their stable value, whether for trading or storing assets, which is very convenient.

But there's a point that many people care about:
When we collateralize assets to get stablecoins, the issuing institutions use our money to invest and make profits. All the gains go to them, and we, as users, only get the stablecoins themselves. It’s like helping others earn interest for free—doesn't seem very worthwhile.

USST aims to solve this problem. It positions itself as a "public good," not controlled by any single institution.

Its core logic isn't complicated:
USST is pegged 1:1 to the US dollar. The key is that the collateral backing it is quite reliable—not just any assets, but tokenized real-world assets like on-chain government bonds and money market funds, such as Ondo's USDY, OUSG, and BlackRock's BUIDL. These are highly compliant assets, which makes people feel more secure.

Most importantly, it separates "principal" and "yield":
When we mint USST, besides receiving the stablecoin itself, we also get a YLD token. This YLD token is proof of the yield generated by the assets, essentially returning the profits that were previously taken by institutions back to the users.

Another great feature is that this project is community-governed:
Holders of STBL tokens can directly decide on collateral choices, fee structures, and even the future development of the protocol. It’s not controlled by a few individuals, aligning with the current decentralized ethos of crypto projects.

Moreover, the protocol’s fees are not siphoned off by private entities but are instead redistributed into the STBL ecosystem, used for token buybacks or governance enhancements. This way, the entire community shares in the ecosystem’s growth and benefits.

Overall, the core highlights of USST are "returning yields to users" and "community governance." It aims to make stablecoins no longer tools for institutional profit but true public goods. This direction is quite innovative!