USDX, issued by Stable Company, is a yield-bearing stablecoin pegged 1:1 to the U.S. dollar (USD) and backed by United States residential mortgages, agency mortgage-backed securities, and onchain reserves. [S1]

Each USDX represents a claim redeemable at par for one USD. [S1] Reserves comprise tokenized U.S. residential mortgage loans, agency MBS issued through Fannie Mae, Freddie Mac, and Ginnie Mae, and onchain USDC deployed in Kamino and Jupiter Lend. [S1][S2] Holders earn no yield from USDX directly; staking USDX mints mUSDX, a non-rebasing token whose redeemable value compounds daily from mortgage income, liquidity provision, and packaging fees. [S3] Permissionless minting carries a 10 basis point fee. [S4]

Stable Company issues USDX and controls a bankruptcy-remote special purpose vehicle that holds reserve assets, while offchain loan files and lien records are held by United States document custodians. [S5][S2] Tokenholders hold a contractually enforceable obligation to redeem at par and have no claim on profits, governance, or residual value. [S5] Permissionless minting against supported stablecoins requires only address-level sanctions screening, whereas redemption for mortgages, MBS, or dollars requires KYB and KYC approval. [S5][S6] Standard redemption settles over a 7-day window at a 20 basis point fee, and institutional redemption applies to requests of 100,000 USDX or more. [S4]

USDX is an SPL token on Solana and an ERC-20 token on Base, Ethereum, and Monad, while staked mUSDX exists only on Solana. [S7] Minting and redemption operate through onchain mint, treasury, and staking contracts feeding a shared reserve portfolio. [S4][S7] Reserve attestations are published onchain through a proof-of-reserve adapter, signed by Stable Company's treasurer and an independent auditor. [S7]

<Sources
  retrievedAt="2026-06-30"
  items={[
    { id: "S1", url: "https://docs.trystable.co/stable-docs/usdx.md" },
    { id: "S2", url: "https://docs.trystable.co/stable-docs/usdx/risk-and-transparency/reserves-and-proof-of-reserves.md" },
    { id: "S3", url: "https://docs.trystable.co/stable-docs/usdx/staking-usdx.md" },
    { id: "S4", url: "https://docs.trystable.co/usdx-whitepaper/mint-and-redeem.md" },
    { id: "S5", url: "https://docs.trystable.co/usdx-whitepaper/regulatory-framework.md" },
    { id: "S6", url: "https://docs.trystable.co/stable-docs/usdx/redeeming-usdx.md" },
    { id: "S7", url: "https://docs.trystable.co/usdx-whitepaper/technical-architecture.md" },
  ]}
/>


Stablecoins

Users deposit funds and receive USDX at a 1:1 rate; staking USDX into sUSDX accrues yield via an increasing exchange rate.

Stable (trystable.co) is a stablecoin issuer bringing the U.S. dollar onchain via USDX, with native deployment on Solana.

Stable is the issuer of USDX, a U.S. Dollar-pegged stablecoin, and sUSDX, its yield-bearing staked version.

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Stablecoin issuers

Stable

Stable USDX (USDX) is a U.S. dollar stablecoin issued by Stable through Stable Company.

Each token tracks one U.S. dollar and is a direct claim on the issuer.

Reserves are held in secured loans and crypto assets.

Retail investors and institutions can mint and redeem directly with Stable in USDC.

Holder terms are governed by the law of Delaware in the United States.

USDX has been issued on Solana as a SPL Token token since October 2025.

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