Private Testnet Live

The liquidity layer for non-USD stablecoins.

Stablecoins made USD programmable. Stables makes global FX programmable.

Mint and redeem synthetic local-currency stablecoins from USD collateral. LPs supply isolated vaults and earn yield for underwriting transparent FX risk.

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Swap
1 AUD = 0.670252 EURLive rate
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$56M+Vault TVL
6Currencies
187msMedian quote
LivePrivate testnet

Why now

The next wave of stablecoins will not all be USD.

Stablecoins are becoming default payment infrastructure, but liquidity is still overwhelmingly USD. Businesses, treasuries, and apps outside the US need local-currency rails that settle like stablecoins.

$315B+Stablecoin market cap
$9.6TDaily FX turnover
90%+USD-denominated stablecoins
Any currency, deployed on request.Launch vaults cover AUD, NZD, SGD, EUR, JPY, and GBP. Need another currency? Contact us to deploy a new vault with its own collateral rules and oracle feed.
Network OverviewTestnet

Total Value Locked

$18,724,931.42

Active pools

European Union flag
EURCEuro Stables
$6.66M
Australia flag
AUDAAustralian Dollar
$5.31M
New Zealand flag
NZDSNew Zealand Dollar
$3.01M
Singapore flag
SGDSSingapore Dollar Digital
$2.08M
Japan flag
JPY¥Japanese Yen
$0.90M
United Kingdom flag
GBPCBritish Pound Digital
$0.32M

AUDA

Australian Dollar

TVL

$4,856,201.32

+0.25%

How it works

Mint, redeem, and earn in isolated vaults.

Each currency has its own vault, collateral rules, and risk limits. Users and LPs interact through the same transparent surfaces.

  1. 1
    Choose a currency

    Pick a supported local currency: AUD, NZD, SGD, EUR, JPY, GBP, or request a new vault.

  2. 2
    Deposit USD collateral

    Users and LPs deposit USDC, USDT, or approved USD stablecoins into the isolated vault.

  3. 3
    Mint synthetic fiat

    The vault mints synthetic fiat tokens at the oracle FX rate plus a transparent spread.

  4. 4
    LPs back the vault

    LPs supply extra collateral, earn yield and fees, and absorb FX, oracle, and collateral risk.

  5. 5
    Redeem anytime

    Users redeem synthetic fiat back to USD stablecoins at the oracle rate minus spread.

  6. 6
    Loss ordering

    Full-exposure stake absorbs losses first, then the protocol buffer, then stable stake. Synthetic fiat holders are senior.

Live MarketMedian Rate (24h)
AUD / USD0.6724+0.60%
NZD / USD0.6108-0.27%
EUR / USD1.0902+0.41%
JPY / USD0.00662+0.30%
View All Pairs

Regional routing

Move liquidity across local markets without leaving one network.

Route between priority corridors while keeping quote quality, collateral depth, and regional exposure visible.

Product surfaces

Swap, vault, and monitor in one cohesive flow.

Designed for operators who need clean execution views and fast access to market health.

Swap
1 AUD = 0.670252 EURLive rate
Swap Now
Vault TVL
$56,284,712

Across 6 regions

+ 8.26% 24h
Top Yield (EURD)
4.62%

Net APY

+ 0.18% 24h
24h Volume
$8,921,334

Across all pairs

+ 12.41% 24h
Median Quote Time
187ms

Across all pairs

- 13ms 24h

Top Vaults

View all vaults
VaultTVLNet APYBacking RatioReserve BufferTranche Mix
European Union flagEUR VaultEuro Stables
$11.48M4.81%102.1%$2.48M
42% Full exposure38% Stable20% Buffer
Australia flagAUDA VaultAustralian Dollar
$12.06M4.28%100.1%$1.66M
45% Full exposure35% Stable20% Buffer
New Zealand flagNZDM VaultNew Zealand Dollar
$8.72M4.11%101.4%$1.34M
40% Full exposure38% Stable22% Buffer
Singapore flagSGDS VaultSingapore Dollar
$4.32M3.66%100.9%$0.86M
48% Full exposure32% Stable20% Buffer
Japan flagJPY¥ VaultJapanese Yen
$3.50M3.39%100.4%$0.72M
38% Full exposure40% Stable22% Buffer

Risk model

Risk is isolated and priced per currency vault.

LPs earn yield and fees by underwriting transparent, isolated FX risk. Each vault keeps its own collateral, oracles, and limits.

Interactive risk model

Full exposure and buffered tranches under live FX moves.

Synthetic fiat holders stay senior. Losses hit full exposure first, then the protocol buffer, then stable stake. Surplus routes to full exposure when shares exist.

Oracle spot
0.6700—
    Total collateral$12.00M
    Stake balance $4.96MBacking 170.6%

    Simulated settlement mirrors CurrencyVault tranche logic. Current stake mix: $3.71M full exposure, $840.0K stable, $420.0K buffer.

    RiskWhat it meansControls
    FX riskIf the target currency rises versus USD, the vault owes more USD collateral per synthetic token.Issuance caps, collateral buffers, dynamic spreads, max liability ratios.
    Oracle riskBad, stale, or unavailable FX prices can cause incorrect mint or redeem pricing.Multiple oracle sources, fallback pricing, weekend models, circuit breakers.
    Collateral riskUSDC, USDT, or other backing assets can depeg or face issuer and regulatory issues.Approved collateral list, haircuts, diversification, vault-specific rules.
    Yield-strategy riskYield venues can lose funds, become illiquid, or underperform.Optional yield mode, whitelisted strategies, conservative limits, non-yielding options.
    Liquidity riskRedemptions may exceed available liquid collateral.Liquidity buffers, withdrawal limits, pro-rata wind-down, emergency exit mode.
    Regulatory riskSynthetic fiat tokens may be treated differently by jurisdiction.Currency-by-currency rollout, jurisdiction filters, compliance review.
    UsersLocal-currency access with transparent pricing and minimal spread.
    LPsYield plus mint and redeem fees for taking defined vault risk.
    ProtocolSpread, fees, and vault revenue share.

    Synthetic fiat holders are senior. Losses hit full-exposure stake first, then the protocol buffer, then stable stake. In an extreme vault shortfall, redemptions become pro-rata.

    Protocol infrastructure for regional stablecoin liquidity.

    Swaps

    Deep liquidity across non-USD pairs with best execution.

    Vaults

    Over-collateralized vaults backed by USD stablecoin collateral per currency.

    Oracles

    Local market data feeds and on-chain attestations.

    Router

    Intelligent routing across regions and paths.

    Embeds

    Integrate Stables into your product in minutes.

    Get started

    Join the private testnet.

    Whether you are supplying liquidity or building integrations, there is a path in.

    Vault LPs

    Supply isolated liquidity

    Review vault yield, backing ratios, and tranche risk before depositing collateral on the private testnet.

    Open vaults

    Builders

    Integrate Stables

    Read the docs, preview embeds, and request API access for your product.

    Read docs