Stable launches StableEarn vault for institutional USDT yield

Stable, the Layer 1 blockchain built around Tether-issued USDT and backed by Bitfinex, announced on Tuesday the launch of StableEarn, a vault that deploys USDT into tokenized real-world asset products managed by Theo.

StableEarn directs USDT deposits into a set of Theo-developed products that provide exposure to cash-like instruments and commodities, including offerings linked to Treasurys and gold. The vaults use smart contracts to allocate funds to those strategies rather than relying on token incentives or emissions common in some decentralized finance programs.

Theo collaborates with partners such as Standard Chartered’s Libeara and Wellington Management on tokenized products including thUSD, thBILL and thGOLD. Stable said the vaults are built on the Morpho protocol and that Gauntlet provided the risk-management parameters for the offering.

Iggy Ioppe, Theo’s chief investment officer, described StableEarn as “what onchain dollar yield looks like done right,” calling the product “USDT-native, institutional-grade, with returns generated by real-world markets.” Brian Mehler, Stable’s founder and CEO, noted that finding competitive yields for USDT has been a challenge and said StableEarn aims to provide an alternative by pairing institutional-style yield products with a chain focused on USDT.

The vault structure automatically allocates deposited USDT into the underlying RWA strategies managed by Theo. Returns to depositors will depend on the performance of those tokenized instruments, which provide exposure to government debt and commodities markets. Stable said custody and asset-management roles are handled by third-party partners involved in Theo’s products.

Stable launched its mainnet last year after a $28 million fundraising round co-led by Bitfinex and Hack VC, with participation from investors including Franklin Templeton. StableEarn represents the project’s first major yield product aimed at routing USDT into tokenized real-world assets rather than crypto-native reward programs.

The product is available to holders of Tether-issued USDT who want onchain dollar-denominated yield derived from tokenized financial products and commodities exposure.