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mStable Now Live on Mainnet

Please note that this may contain out of date information about the state of the mStable protocol. See for up to date information.

We’re happy to announce that the first version of mStable has been deployed to the Ethereum mainnet!

mStable is a protocol that unites stablecoins, lending and swapping into one robust and easy to use standard.

We built mStable to address the three major problems that confront stablecoin users today:

  1. Significant fragmentation in same-peg assets
  2. Lack of native yield when it is being increasingly demanded by users
  3. Protection against complete capital loss

We’re proud to release mUSD, SAVE and SWAP that are built specifically to address these pain-points.

Our software is still in beta, and whilst it has been audited, we cannot guarantee contract security. Please don’t contribute more than you can afford to lose and use this at your own risk.

Welcome to the mStable app

Key Features


MINT page

mStable assets are an LP share in a dynamic and yield-generating pool of tokenized assets and first class assets in their own right.

Our first asset is mUSD, which is backed by a combination of USD-pegged stablecoins (at first USDT, USDC, TUSD and/or DAI).

At first, minting mUSD means you can access the mStable SAVE contract and receive its yield. As time goes on, there will be even more utility built into mUSD.

To mint, you’ll need either USDT, USDC, TUSD or DAI. Minting is a simple process of depositing these stablecoins into the mStable smart contracts and receiving mUSD back, at a 1:1 ratio.

Get started minting here.


SAVE page

Earn with mStable’s native interest rate.

At launch, mUSD’s interest rate is calculated as:

  • interest derived from lending collateral assets on Compound and AAVE

combined with

  • swap fees generated on mStable

This should create, on average, an above average interest rate for mUSD Savers.

We’ve also published a supplemental post that digs a little deeper into this native interest rate, which can be found here.

Get started saving here.


SWAP page

Swap mUSD, USDT, USDC, TUSD and DAI at zero slippage!

mStable has launched a zero slippage swap using a novel constant bonding curve model. You can read more about the swap mechanism in this post.

This means you can swap any of these assets 1 for 1.

Swap fees have been set to 30 BPS fee at launch — a competitive rate given we guarantee 1:1 swaps. Users also pay Ethereum network fees (gas) — given this and the zero slippage nature of the swap product, it’s best used for larger orders.

Get started swapping here.

We’ve got a lot of things in the pipeline that we can’t wait to show you!

Our protocol token, Meta (MTA), will be released later this year, with the purpose of coordinating mStable’s governance and overcollateralising the system.

The majority of the Meta token’s emission will be through rewards to contributors — stay tuned for more details on this.

In the meantime, we’ll be following up in the next few weeks with some deep dives into the salient features of our platform.

*This post was updated in September 2020 to reflect changes made to the platform

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