StableEarn is Live: Institutional Yield for USDT Depositors on Stable

StableEarn is Live

Today we’re proud to have worked alongside the Stable team on StableEarn, the first institutional yield product native to a stablecoin payments chain. Built on Stable with Morpho and Gauntlet, StableEarn lets USDT depositors access institutional-grade returns through a suite of RWA products including thBILL, thGOLD, and thUSD.

What is StableEarn?

StableEarn is a curated yield venue for USDT holders, deployed as a vault on Morpho. Users supply USDT and earn yield facilitated by Theo's RWA products: thBILL (short-duration Treasuries), thGOLD (gold-denominated loans), and thUSD (delta-neutral gold carry).

The vault is built for institutional and individual capital alike. Neobanks and payment processors managing USDT treasury balances, fintechs deploying idle stablecoin reserves, and onchain users seeking institutional-grade yield without leaving the chain that handles their USDT will all benefit from StableEarn.

Each party plays a distinct role: Morpho provides the lending venue, Gauntlet curates the risk parameters, and Theo's RWA products contribute to the yield strategy.

Why Stable?

At $190B+ in market cap and over 50% of the stablecoin market, USDT is the largest stablecoin in the world. StableEarn brings institutional yield directly into Stable’s USDT-native payments ecosystem.

Stable's architecture, with USDT-native gas, sub-second finality, and low-cost payment rails, makes it the right home for an institutional earn product. USDT holders on Stable can put capital to work without leaving the chain that handles their payments, settlements, and treasury flows.

Theo’s Role

Theo's contribution to StableEarn comes through sthUSD, the staked, yield-bearing variant of Theo's thUSD. thUSD itself is built on a delta-neutral gold carry strategy: a long position in thGOLD (yield from gold-denominated loans to physical retailers) hedged with short gold futures on the CME. thBILL anchors the reserve in cash-equivalent RWAs.

In short, Theo's full product suite composes into one integrated yield surface. USDT depositors in StableEarn can access this stack through sthUSD.

Each layer is backed by physical or institutional-grade collateral, hedged on regulated venues, and managed within the same quantitative risk framework that powers the rest of Theo's product suite.

Launch Incentives

Incentives are live on the StableEarn vault, distributed by Merkl. Depositors earn a boost on top of the institutional yield generated by Theo's RWA suite, for a limited window.

Get Started

Deposit to StableEarn on Morpho today to start earning while the launch campaign is live.