The stables module contains several distinct products. Do not collapse overcollateralized CDP debt, yield-bearing shares, StableSwap liquidity, and institutional full-reserve issuance into one generic stablecoin claim.
CDP and rUSD
Users lock configured collateral, mint rUSD within a collateral-ratio boundary, repay debt, and withdraw collateral. Stability fees accrue through a cumulative index; liquidations close positions that fall below the configured risk threshold.
srUSD
The yield-vault surface converts rUSD into srUSD shares using an ERC-4626-style asset/share relationship. The exchange rate can change as the vault accounts for yield, reserves, and deployed liquidity. Users must treat the share price and withdrawal policy as live state.
StableSwap
Curve-style stable pools target low-slippage swaps between similarly priced assets. Pool creation, liquidity, swaps, quotes, virtual price, amplification, and fee parameters are module-owned state.
Institutional issued stables
Governance can register an issued stable with a reserve denom, issuer, supply cap, and pause controls. The chain enforces a strict full-reserve boundary: minting deposits the configured reserve before creating circulation, issued supply equals reserves, and redemption remains available while issuance is paused. The bank/ namespace is reserved for this facility.
Safety checklist
- Verify oracle freshness and collateral ratio before minting.
- Show liquidation price and stability-fee implications.
- Verify issued-stable reserve and supply queries before treating a token as cash-equivalent.
- Keep off-chain reserve attestations separate from on-chain supply/reserve accounting.
- Use minimum-output bounds for StableSwap actions.