Introduction

Overview of mStable, its mission, and the ecosystem it builds on.

What is mStable?

mStable is a protocol that delivers simple, tokenized yield products built on top of leading DeFi primitives. The goal is to make advanced strategies like Pendle PTs and Aave looping accessible through single ERC20 tokens that compound value automatically.

Mission

• Abstract away DeFi complexity into easy-to-hold tokens.

• Provide stablecoin holders with enhanced yield.

• Build on proven, liquid systems: Ethena, Pendle, Aave, dHEDGE.

• Enable scalability for everyday DeFi users both large and small.

How It Works

• Base assets: Credible stablecoins like Ethena’s sUSDe.

• Yield layer: Pendle Principal Tokens (PTs), which lock in fixed yield until expiry.

• Amplification: Aave looping, increasing exposure via deposit → borrow → redeposit cycles.

• Automation: Bots handle rollovers, rebalancing, and health factor management.

• Output: ERC20 tokens that appreciate in value over time (first flagship: mPT-sUSDe).

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Quick Start

Using mStable in 3 Steps

1. Acquire the token

   • Buy mPT-USDe via the mStable app.

2. Hold

   • The token represents a position in the strategy.

   • No manual management required.

3. Compound automatically

   • Behind the scenes:

     • sUSDe → PT sUSDe → Aave looping.

     • At expiry, PTs roll into the next series.

   • The token’s value increases as yields are realized.

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