Getting Started

πŸ‘‹ Welcome to mStable's docs. This is a live document that will be updated as mStable evolves. Currently, we aim to provide a high level overview of the protocol and its existing components.

These docs are still being worked on. Some parts may be unfinished or pending updates.

What is mStable?

mStable provides autonomous and non-custodial stablecoin infrastructure.

Three major problems confront stablecoin users:

  • significant fragmentation in same-peg assets

  • lack of native yield when it is being increasingly demanded by users

  • lack of protection against permanent capital loss

Our products (MINT, SWAP, SAVE, and EARN) are built specifically to address these pain-points.

​mStable assets (hereafter mAssets) represent some underlying value peg and are minted/redeemed on-chain via smart contracts. mAssets are backed 1:1 by a basket of existing tokenised same-base assets (hereafter bAssets).

Each mAsset is a liquidity share for its asset pool as well as a medium of exchange, unit of account and store of value in its own right.

Each mAsset has an outsized native interest rate that is derived from lending bAssets on third party lending protocols, fees collected from mStable's SWAP product, and other sources of income.

Users can swap between bAssets with zero price slippage, regardless of order size. For example, in mUSD, uses are able to swap 1 DAI for 1 USDC at no cost, except gas and a small fee.

Those who hold Meta can stake their tokens to become governors, allowing them to participate in governance of the system. In order to achieve long-term value of Meta, these governors are motivated to seek stability through the growth and diversification of mStable.


  • Easy - mStable is a one-stop solution for stablecoin users.

  • Robust - Collateral is diversified, with risk management for underlying assets.

  • Stable - mStable's liquidity shares are tokenized assets in their own right.

  • Decentralized - Meta embeds the incentives required to govern a decentralized system.

  • Built for Rapid Scaling - The majority of Meta will be emitted via Public Rewards.

Use cases

  • Yield and Return

    • mAssets earn an outsized yield (interest + swap fees + other income). See SAVE.

    • mStable is built so that those that use it or contribute to its growth are rewarded for doing so. See Public Rewards.

  • Traders & Arbitrageurs

    • Significant arbitrage opportunities exist using mStable's Zero Slippage swaps. See SWAP.

  • Stablecoin Users

    • mStable issues assets that are more secure than the sum of their parts. Each mAsset diversifies risk between different asset issuers and stability mechanisms.

  • SDK Integrations

    • mStable allows dApps to accept several assets while presenting them in a more secure and user friendly way. This product is yet to be built, but may have potential applications for DeFi dApps and crypto exchanges.


Now you've got the high level! Time to dig a little deeper.