Introducing Metastable: 1:1 Stablecoin Clearing

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Metastable is stablecoin clearing infrastructure for 1:1 stablecoin conversions across any stablecoin and any blockchain. Deposit any stablecoin and get your desired stablecoin out. Abstract away the multi-stablecoin experience. With Metastable, a dollar is a dollar. Dollars at banks today are fungible. We don’t care if it’s a dollar from Chase or a dollar from Wells Fargo. We don’t even think about it, it’s all abstracted away for us. A dollar is a dollar. We believe the same fungibility needs to exist for stablecoins. Sure you can convert between USDC and USDT relatively easily, but what about xUSD, yUSD, zUSD, all these new stablecoins? What about stablecoins on different blockchains? We see a tidal wave of branded stablecoins coming to market, accelerated by the GENIUS Act. Every company with distribution and user deposits now has the ability to make steady yield off deposits. So with all these stablecoins launching, how will users move between them? No one wants to worry about which stablecoin they hold, they just want a dollar to be a dollar, a stablecoin to be a stablecoin. We’ve built across 150+ chains, processed $12B+ in token transfers, and integrated many stablecoins over the past 4 years since launch. This is the culmination of all those learnings. Let’s say you’re launching a new stablecoin for your consumer app. Your users mostly live on Ethereum, Base, and Solana, and mostly hold USDC. How do you convert that USDC into your new stablecoin on x chain? Today, that flow is something like: bridge USDC, get gas token on destination chain, find an exchange to swap the USDC, eat slippage to convert into new stablecoin. With Metastable, the user just deposits the stablecoin they have, from the chain they’re on, and they get the new stablecoin 1:1 on whatever chain it’s on. One clean, abstracted transaction. Moving between stablecoins is more complicated than it should be, and it gets harder with every new stablecoin. It’s really multiple problems stacked on each other: Stablecoin Coverage. There are more stablecoins every month, and they are not fungible with each other. xUSD is not very useful if it can’t be exchanged for other stablecoins. Network Coverage. Those stablecoins live across dozens of networks, so it's not just "which dollar" but "which dollar on which chain." Every pair you want to support is another integration to build and maintain. Liquidity. Every new stablecoin needs someone to make a market on it to keep slippage reasonable. This means finding market makers, negotiating terms, and parking capital on every route before you can move a single stablecoin. Add it all up, and it’s a confusing, multi-step, high-slippage, high wait time experience for users. We can do better. Metastable is a single clearing layer that handles them all in one flow. How does Metastable clearing work? Metastable holds reserves of stablecoins on each network and keep them concentrated near a 1:1 rate. When you want to convert one dollar into another, you deposit what you have and the clearing layer pays out what you want from those reserves, same chain or across chains, in one transaction. Behind the scenes, the system keeps liquidity balanced across chains automatically, with no active management needed. You just see a dollar in and a dollar out. Because it's one layer instead of one integration per stablecoin/chain pair, coverage gets easier as you grow. Adding a new stablecoin or a new chain is just a configuration update on our side. Importantly, Metastable doesn’t need minting rights to the stablecoins to add support. Any stablecoin with existing liquidity can be supported from day one. The economics get better the more you use it: Lower rebalancing costs and tighter spreads. As more flow clears through one layer, conversions net out and pricing tightens, so you pay less to rebalance and get better rates. More capital efficient. Concentrated reserves clear more volume with less inventory sitting idle, so you can stand Metastable up with less capital than traditional liquidity pool designs. Monetize flows. Metastable customers can configure fees to capture part of the flow into and out of their stablecoin or chain. We envision 1:1 stablecoin conversions to be especially useful in these cases: Deposits to apps and chains. Backend infrastructure for exchanging between stablecoins. Deposit common stable like USDC or USDT, branded stablecoin that generates yield for company converted on backend through metastable. Building liquidity for a new stablecoin. Most onchain users hold USDC or USDT. Your new stablecoin will need infrastructure to meet those users where they are, in the assets they’re comfortable with. With Metastable you can make your stablecoin and other stablecoins fungible, across any chains. USDC in, your stablecoin out. Agentic and automated trading. High-volume trading agents convert between stablecoins constantly, often across networks. Metastable gives them conversion routes they can call directly onchain. Metastable is live in production today, with $20m+ in stablecoin conversions cleared for our initial pilot customers already. More on them soon. If you’re interested in early Metastable access and services, contact us . If you want to read up on Metastable first, dive into the docs . Predicate is now available as a Hook on Hyperlane Warp Routes. Any chain on Hyperlane can now require compliance verification — KYC, sanctions screening, geo checks — before a single token leaves the origin chain. Compliant users get a normal bridging experience. Non-compliant transfers are stopped before anything moves. Hyperlane's open interoperability stack now connects TRON mainnet to 150+ chains, unlocking interchain stablecoin flows. Learn more about the launch of interchain deposits on Paradex via Hyperlane. Get in touch to learn how we can facilitate a Hyperlane deployment specific to your needs.

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