mStable

Kraken has launched USDe rewards on its platform, marking a significant expansion of stablecoin yield opportunities for mainstream users. This follows the exchange's earlier listing of USDe in September 2025, making it the first US exchange to offer the asset. **Key developments:** - USDe rewards now available on Kraken - Builds on September 2025 listing as first US exchange to support USDe - Represents broader trend of bringing stablecoin yield to traditional exchange users The move signals growing institutional acceptance of yield-bearing stablecoins and makes these products more accessible to retail investors through a regulated US platform.

**Fee Reduction Implemented** mStable has eliminated its 30 basis point fee after receiving feedback from community member @no__yield, who identified it as a barrier to adoption. **Key Details:** - The fee removal was announced on March 31, 2026 - Decision came directly from user feedback highlighting the fee as an obstacle - Change applies to mStable's swap functionality between basket assets **About mStable:** mStable offers stablecoin assets (mASSETS) backed 1:1 by baskets of tokenized assets. The platform enables zero-slippage swaps between basket assets - for example, swapping 1 DAI for 1 USDC with no price impact. Users only pay gas fees and what was previously a small swap fee, which has now been removed.

A DeFi platform has temporarily removed its entry fee for one week, allowing users to access yields of over 18% on stablecoins with no lockup period. **Key Details:** - Zero entry fee promotion (limited to one week) - 18%+ annual percentage yield on stablecoins - No lockup requirements for withdrawals - Follows previous move to 0% maker fees across all markets The platform previously eliminated maker fees for liquidity providers in February, removing volume requirements entirely. Users who provide liquidity now trade without fees. This temporary promotion lowers the barrier to entry for users seeking stablecoin yields in the current DeFi landscape.

**mStable is offering 17%+ annual yields on stablecoins** with no lockup requirements, points systems, or token incentives. **Key features:** - Zero entry fees (limited time offer) - No withdrawal lockup periods - 18%+ returns on stablecoins - Instant liquidity access The platform uses mASSETS, which are backed 1:1 by a basket of tokenized assets. Yields are generated through lending basket assets on third-party protocols and collecting swap fees. Users can swap between basket assets (like DAI to USDC) with zero price slippage, paying only gas fees and a small transaction fee.

New regulations are blocking centralized stablecoin issuers from offering passive yield to users. The unintended consequence? **Capital is now flowing toward DeFi protocols that generate real, sustainable returns.** Unlike traditional yield models that rely on token incentives or subsidies, DeFi lending protocols deliver yield through actual economic activity—borrowing, lending, and liquidity provision. **What makes yield-bearing stablecoins work:** - Native yield generation without complex strategies - Full composability across DeFi protocols - Treasury-grade efficiency with 24/7 liquidity - Transparent, permissionless access The regulatory shift is creating a natural filter: **only sustainable yield models survive.** Stablecoins are evolving from static digital dollars into programmable capital that earns returns while remaining liquid and composable. This isn't about chasing the highest APY. It's about infrastructure. Yield-bearing stablecoins are becoming the savings layer of onchain banking—bridging traditional finance expectations with DeFi's structural advantages.

**mStable has launched mPT-sUSDe**, a new yield product that combines multiple DeFi protocols to create leveraged fixed APY returns. **The strategy works in three layers:** - Foundation: Uses Ethena's **sUSDe** (staked USDe) as the base yield-bearing asset - Fixed APY: Leverages **Pendle's principal tokens** to convert variable yields into fixed returns - Amplification: Utilizes **Aave's money markets** to add leverage and multiply the fixed APY **How it works:** - USDe is backed by crypto assets and hedged with derivatives - sUSDe provides the staked version with native yield - Pendle splits sUSDe into yield tokens (YT) and principal tokens (PT) - PT tokens start at a discount and mature to $1, creating fixed APY - Aave's deep Ethereum liquidity enables mStable to manage leverage efficiently The product is **now live** and available for deposits at mstable.com, targeting users seeking predictable, amplified yields through this multi-protocol approach.

The acquisition of Derive Protocol by Synthetix has sparked controversy due to its lack of transparency and community involvement. Drawing parallels with mStable's previous acquisition by dHedge, critics highlight how mStable handled their transition with full community participation and transparency. Key differences in approach: - mStable announced financial challenges early - Explored multiple acquisition offers openly - Gave token holders voting rights - Founders abstained from voting The situation raises important questions about DeFi governance and token holder rights. Two proposed solutions for Derive: 1. Sunset protocol and distribute treasury 2. Open acquisition talks to multiple parties with community input *This case highlights the growing tension between centralized decision-making and DeFi's core values of transparency and community governance.*

mUSD and imUSD are entering deprecation phase with immediate effect. Key changes: - New minting of mUSD and imUSD tokens is now disabled - Existing holders can claim their underlying assets - Legacy support application will be updated to facilitate withdrawals This follows similar deprecation patterns seen in the ecosystem, such as the recent rUSD platform shutdown. Users should take action to withdraw their assets through the updated legacy support interface.

On-chain basis trading is evolving through individual tokens, offering alternatives to traditional approaches. Two notable examples: - **Ethena's USDe**: A centralized but popular implementation - **0xflatmoney's UNIT**: An emerging decentralized alternative These tokens simplify delta-neutral basis trading into a straightforward token purchase, while maintaining high yield potential. The key innovation is the removal of centralization barriers while preserving the benefits of perpetual basis trading. *Key benefit*: Simplified access to basis trading strategies through single token exposure.