Tether co-founder’s new project STBL makes Kraken and Binance Alpha debut

STBL, a new stablecoin protocol founded by serial entrepreneur Reeve Collins, has officially launched its native token on Binance Alpha and Kraken exchange. The project is backed by Wave Digital Assets, a digital asset manager with more than $1 billion under management, which led STBL’s pre-seed round earlier this year.

The launch introduces STBL into one of the most dynamic corners of digital finance: the intersection of stablecoins and tokenized real-world assets. According to industry trackers, tokenized U.S. Treasuries alone surpassed $23 billion in value locked by mid-2025, highlighting rising demand for blockchain-based access to low-risk, yield-bearing instruments.

Governance and community focus

What distinguishes STBL from other issuers is its approach to governance and yield distribution. The project plans to hand decision-making power directly to token holders while directing profits from the circulation of its stablecoin, USST, back to those who provide the collateral.

This stands in contrast to earlier generations of stablecoins, where issuers captured most of the returns. In STBL’s model, governance and economics are distributed more evenly across its community. “We’re seeing the evolution of stablecoins from static instruments to participatory ecosystems,” said an analyst at a Singapore-based DeFi research firm.

Roadmap ahead

STBL has laid out a phased plan. The Binance Alpha and Kraken listing is the first step, to be followed by a governance model giving token holders a say in protocol decisions. Interoperability for USST and staking options are slated to come next, expanding both utility and participation.

Stablecoins have become indispensable in crypto markets, serving as settlement tools, collateral, and a store of value. For now, global circulation exceeds $230 billion, with regulators in the U.S., Europe, and Asia examining how transparency and backing can be standardized.

The emergence of projects like STBL reflects how market players are responding to these shifts, embedding transparency, governance, and asset-backed design directly into their models.

Collins’ track record

Collins brings a decade of experience to the effort, having previously co-founded Tether, the first and largest stablecoin. His involvement gives the project additional visibility at a time when competition is heating up, with both startups and established issuers looking to capture market share.

As STBL begins trading on Binance Alpha and Kraken, attention will turn to how quickly the team can deliver on its governance and interoperability milestones. The coming months will be critical in testing whether the protocol can stand out in an increasingly crowded market.