The mStable Software Development Kit (SDK) will provide applications with the tools necessary to easily integrate the mStable protocol.
Stablecoin diversity has created a fractured environment in which exchanges and aApps must cater to a multitude of USD-pegged tokens, even if they represent the same asset.
DAI, USDT, USDC, TUSD, CUSD, USDx, PAX and GUSD all exist to do the same task: replicate the US dollar on-chain. Fragmentation offers choice, but it destroys liquidity and presents a confused user experience. Instead of just BTC/USD, Binance offers BTC/PAX, BTC/USDT, BTC/TUSD, BTC/BUSD and BTC/USDC. Users are left with no choice but to deal with this convoluted and illiquid trading environment.
The mStable SDK is built to solve this problem.
User Deposits any whitelisted asset on the application
Deposit is Automatically Minted into an mStable asset
mStable asset appears in the user’s account as “USD”, “EUR” , "Gold" etc. (as mStable assets collapse stablecoins into one fungible representation of that asset)
Users can redeem their asset into underlying or offboard with the mStable asset
Participating Application Receives Meta reward
For example, on a futures exchange the mStable SDK enables one BTC/USD contract. The exchange would accept a multitude of USD stablecoins that flow into that contract, simplifying user experience and increasing market depth for the exchange. This would happen while increasing security and stability through mStable’s diversification of collateral and native re-collateralization mechanism.
This is particularly powerful for DeFi apps that have been reticent to integrate USDT because of risk but still want to tap its substantial user base.
If you have an exchange or dApp that wants to simplify user experience, please get in touch through our Discord.