what's mStable?
mStable is a DeFi protocol specializing in yield-bearing assets and meta-stablecoins. It enables users to deposit stablecoins into vaults to mint yield-bearing meta-assets like mUSD, which capture and distribute yields from underlying assets across multiple chains. The protocol emphasizes capital efficiency and low slippage for stablecoin swaps via its MetaSwap AMM. Governance is handled by the MTA token, used for voting on protocol parameters, incentives, and upgrades. mStable has evolved to include leveraged yield strategies, such as amplifying Pendle yields through Aave borrowing, with automated position rollovers for sustained performance.
Coinbase Prime Vaults suspends wallet support for MTA on March 27, 2026, at approximately 2 PM ET.
Vault caps remain filled for the 7.5x PT-sUSDe Aave looping product, which has delivered 20-50% yields for stablecoin depositors over the past few months on Ethereum Mainnet.
Returns with Auto Aavethena automated yield product.
mStable has relaunched with a new product offering - tokenized PT-sUSDe/USDT looping on Aave, pivoting from its previous stablecoin yield aggregator model.