Tether, Tokenization Pioneer, founded a startup focused on GENIUS Alliance Digital Dollar

STBL is a startup co-founded by Tether founder Reeve Collins, which introduces a tokenization model that splits earning assets into USD-pegged stablecoins (USST) and cumulative earnings NFTs (YLDs), allowing principal and earnings to be owned separately. This structure is in line with the GENIUS Act, allowing coin minters (rather than issuers) to retain reserve gains, thereby transferring stablecoins from corporate products to public infrastructure. The protocol is currently in the beta phase, adopting over-staking and synthetic anchoring mechanisms. Its governance token, STBL, was successfully issued in September 2025, with a market value of US$1.3 billion and is scheduled to be publicly issued in the fourth quarter.