Overview

• STBL confirmed a partnership on Oct. 10 that allows minting up to $50 million of USST using Ondo’s USDY as the primary collateral.
• USDY is a yield-bearing token backed by short-term U.S. Treasuries and bank deposits, providing holders a first-priority security interest via an independent collateral agent.
• STBL’s reserve separates principal and yield so USST remains a fully backed, non-yielding payment token while yield rights are carried by a distinct YLD token.
• Operational controls include issuer and custodian allowlists, dynamic mint-and-burn mechanics, on-chain governance, and adjustable redemption spreads and fee routing.
• Initial market response was muted, with ONDO trading near $0.90 as observers noted that any impact will depend on realized mint volumes, additional integrations, and secondary-market demand.