Stables Labs

Stables Labs is a next-generation stablecoin infrastructure provider that issues synthetic USD stablecoins (USDX and USD0x), bridging DeFi, CeFi, and TradFi. The protocol offers a crypto-native stablecoin solution that is censorship-resistant, scalable, and maintains peg stability through delta-neutral strategies and fully-backed Treasury assets.

Stables Labs offers two stablecoin products that generate yield in different ways.

USDX — synthetic stablecoin yield

USDX earns yield through a delta-neutral strategy. In simple terms, the protocol holds collateral and uses derivatives (financial contracts that offset price risk) to stay stable. It captures money from funding rates (fees paid between traders in crypto markets) and other arbitrage opportunities across the crypto ecosystem.

Users can stake their USDX to receive sUSDX, a token that grows in value over time as the protocol's yield accumulates. Your staked USDX is not lent out or reused elsewhere — it stays put. Instead, the yield is distributed through a "Token Vault" model (similar to how WBETH works), where sUSDX's USDX value ticks up daily based on the yield the protocol earns.

There is also an insurance fund that covers losses if funding rates turn negative, so stakers should see positive or at least neutral returns.

USD0x — fully-backed digital dollar yield

USD0x earns yield from U.S. Treasury bills and low-risk money market tokens (like BENJI, BUIDL, uMINT, and QCDT). The reserves are held in liquid cash and Treasury instruments, keeping things conservative.

Both products deliver yield in USD terms without relying on traditional banks.