Malt Protocol is a stablecoin protocol that aims to create a stablecoin pegged to 1 dollar. It utilizes a dynamic collateral system that captures arbitrage and seigniorage profit through a privileged contract called the Swing Trader. Each AMM pool within Malt is individually collateralized and stabilized, and the arbitrage profit captured on each pool is the source of yield for the Liquidity Providers (LPs) of that pool. Unlike other stablecoin protocols, Malt pays yield in the same token that LPs provide liquidity against Malt for. The protocol adjusts the collateral distribution based on market forces, allowing it to react to changing market conditions. The goal of Malt is to become a truly decentralized stablecoin that can adapt to market conditions over time.