mStable

mStable is a non-custodial infrastructure for pegged-value crypto assets, centered on its mUSD stablecoin. Its core business involves a hybrid reserve model that combines collateralized assets (like DAI, USDC) with algorithmic supply adjustments to maintain a 1:1 USD peg. Users can mint, redeem, and swap mUSD against a basket of assets (mAssets), and deposit into Save or Stacked Yield vaults for interest. The key narrative is capital efficiency and stability: unlike fully collateralized stablecoins (e.g., DAI) which require over-collateralization, or pure algorithmic ones (e.g., AMPL) prone to de-pegging, mStable balances both. It solves the market pain points of centralized stablecoin opacity (e.g., USDC) and the volatility risk of algorithmic designs. Development in the past six months (2026-03 to 2026-09) has been limited in public visibility; the only notable update was the addition of mAPOLLO from Midas to its Stacked Yield product in July 2026, following the exit of apxUSD in June 2026 after its de-peg. No major protocol upgrades or new features were disclosed. No reliable negative information within two years was found, aside from the apxUSD de-peg event which affected the yield product but not the core mUSD peg.