gmSTBL (Stablecoins)
The USDC-denominated stablecoin vault — lending optimization, stablecoin rate arbitrage, yield-bearing stable assets, and fixed-yield positions.
gmSTBL is _gamma's stablecoin vault. You deposit and withdraw in USDC and receive gmSTBL share tokens. The agent pursues risk-adjusted yield across a suite of stablecoin strategies while keeping exposure within the stable asset class.
| Attribute | Value |
|---|---|
| Deposit / withdraw asset | USDC |
| Share token | gmSTBL (SPL) |
| Strategy class | Stablecoins |
| Share price | NAV / total shares, published on-chain |
Strategies
The gmSTBL agent allocates across four broad strategy types, rebalancing continuously based on risk-adjusted rates.
Lending optimization
The agent monitors real-time supply rates, utilization, liquidity depth, and protocol risk across stablecoin lending venues — including Kamino, MarginFi, Project Zero, Save, Loopscale, and Jupiter Lend — and routes deposits toward the highest risk-adjusted yield. Idle capital not deployed elsewhere is automatically routed to lending rather than left sitting.
Stablecoin rate arbitrage
Rate and funding-rate arbitrage kept within the stable asset class: both legs stay stable-denominated, and cross-class pairings (for example a stablecoin leg against SOL or ETH) are excluded by design, so the strategy's exposure stays stable.
Yield-bearing stable assets
The vault can hold tokenized, yield-bearing stable assets such as T-bill and RWA-backed tokens. These instruments update their rates on a slower cadence (typically around monthly) and are treated accordingly by the rate engine rather than as high-frequency market data.
Fixed-yield exposure via Exponent
The agent can take fixed-yield exposure through Exponent's markets — it provides liquidity in principal-token (PT) pools and may hold yield-token (YT) positions to maturity, when the risk-adjusted terms are attractive. These positions are marked and valued into NAV using cross-mint rates.
Risk controls
- Provider tier caps limit concentration with any single lending or arbitrage venue.
- Both-legs-in-class gating keeps rate-arbitrage exposure stable-denominated.
- Staleness and freshness guards exclude stale rate inputs and block user operations when NAV is stale.
- Cost-aware rebalancing only moves funds when the improvement clears transition costs.
See The ML solver for how these constraints enter the allocation decision, and Rate analysis for how each strategy's rate is scored.
Deposits and withdrawals
Deposits are instant and mint gmSTBL at the current share price. Withdrawals are either instant (when the vault holds enough liquid USDC) or queued via an on-chain withdrawal receipt while the agent frees liquidity — typically minutes. See Deposits and Withdrawals.
Yields are variable and on-chain verifiable; no specific return is promised here.
Next: gmSOL (Solana)