About
mStable issued mUSD, a meta-stablecoin backed by a basket of other stablecoins with autonomous yield aggregation. The project was historically significant in the 2020-2022 DeFi cycle before winding down operations.
Stablecoins
Key products
Chains
- Founded
- 2020
- HQ
- Decentralized
- Stage
- DAO / Token
Related companies
Aave
Largest DeFi lending protocol
Aave is the largest decentralized money market, where users supply and borrow assets across multiple chains. Stablecoins (USDC, USDT, USDS, DAI) dominate its borrow markets, and Aave also issues its own overcollateralized stablecoin GHO. Aave V3 holds roughly $19B+ TVL as of 2026, making it the deepest source of onchain stablecoin liquidity. Its V4 architecture and Horizon RWA markets extend lending to institutional and tokenized assets.
Abracadabra (MIM)
Magic Internet Money stablecoin backed by interest-bearing assets
Abracadabra.money is a lending protocol that issues MIM (Magic Internet Money), a decentralized overcollateralized stablecoin minted against interest-bearing and yield-bearing collateral via isolated CDP cauldrons. SPELL is the governance token.
Acala (aUSD)
Polkadot-native overcollateralized stablecoin aUSD
Acala is the DeFi hub of Polkadot and issues aUSD, a decentralized overcollateralized stablecoin backed by crypto collateral via a CDP system. aUSD suffered a misconfiguration exploit in 2022 that was largely remediated.
Aegis
Bitcoin-backed yield-bearing dollar (YUSD)
Aegis issues YUSD, a decentralized, Bitcoin-backed yield-bearing stablecoin pegged 1:1 to the US dollar. BTC collateral is held with institutional custodians (Fireblocks, Copper, CEFFU) and kept off centralized exchanges, while a delta-neutral hedging strategy using BTC-margined perpetuals keeps the peg stable. YUSD earns yield from perpetual funding-rate capture and basis trading, distributed to holders without staking or lockups, with full proof-of-reserves transparency. Aegis also offers a Yield-as-a-Service product for wallets and exchanges.
Alchemix
Self-repaying loans with alUSD
Alchemix issues alUSD, a synthetic stablecoin minted against yield-bearing collateral, where the yield generated automatically repays the user's debt over time (self-repaying loans, 0% interest). It also offers alETH.
Ampleforth
Elastic-supply rebasing currency (AMPL) and SPOT stable asset
Ampleforth issues AMPL, an elastic-supply token whose balances rebase daily to push price toward a target (the 2019 CPI-adjusted dollar) rather than holding a fixed peg. The protocol also issues SPOT, a flatcoin-style inflation-resistant store of value collateralized by AMPL derivatives via the Buttonwood/Tranche system. It is governed by the FORTH token.