Overview
- Stable announced StableEarn on May 26, 2026, launching a live vault that accepts USDT deposits and automatically routes them into Theo’s real-world-asset products.
- Theo’s RWA suite, including tokenized Treasury and gold products such as thBILL and thGOLD, supplies the underlying returns for the vault.
- Morpho provides the on-chain lending framework for the vault while Gauntlet supplies curated risk parameters and Utila.io handles enterprise wallet security.
- StableEarn avoids token-emission reward schemes and instead offers yield generated from traditional markets to address the fact that USDT itself pays no protocol-native interest.
- The product expands Stable’s USDT-focused Layer 1 ecosystem and could reshape where large USDT holders source yield, though regulatory scrutiny of yield-bearing stablecoin products remains a key external risk.