@trystable

Enjoying out time at the NonQM Forum. Thanks for the invite. https://t.co/m7Abc0tJgV

USDX is scaling https://t.co/hPL1376LOL

A common question about mortgage-backed yield is whether your dollars eat the loss when the portfolio takes a hit. The USDX Whitepaper answered that question with a new design. Losses route through a four-step waterfall, in strict seniority, before they can ever touch the peg.   T1 — RATES Safety Module Staked RATES is slashed first. Stakers earn protocol fees and emissions in exchange for standing at the front of the line. T2 — Stablecoin Staking Vault A vault of supported stablecoins, drawn second. Depositors earn above-market stablecoin yield for accepting second-loss exposure — and while the waterfall is dormant, that capital works as peg-defense liquidity. T3 — mUSDX Yield Absorption Stakers give up yield, never principal. There's a hard floor under every mUSDX holder's base position. T4 — New RATES Mint Uncapped issuance, sold to refill reserves. Dilution of RATES holders is the final backstop and continues until the loss is fully absorbed. Combined, the first-loss stack targets absorbing a ~30% portfolio-wide loss before existing RATES holders see unbounded dilution. It's the same subordination structure credit markets have underwritten for decades — onchain, transparent, and with someone always paid to stand in front of you.  That is why USDX is built to stay $1.

(1/3) $RATES is the token that secures USDX. Not a meme, not a points farm — a work token with three core utilities. The $RATES Whitepaper drops soon. Here's what the USDX Whitepaper that just released shares in advance 🧵 https://t.co/zXbA7eLWvV

Stable is inevitable