How it works
Coins priced in dollars, backed by Treasuries.
Everything about where the money goes, in plain words. Every number on the site is read from the chain or the keeper's books.
What is Stables?+
A launchpad where every coin is priced in USDC instead of SOL. Each coin's trading fees are swept into a reserve of tokenized US Treasuries (Ondo USDY), and the yield that reserve earns is paid to the coin's holders in USDC.
Why price a coin in USDC?+
On a SOL pair, your coin's dollar price moves every time SOL does, even when nobody touches your coin. On a USDC pair the price only moves when people buy and sell it. Market cap, reserve and payouts are all in plain dollars.
Where do the fees go?+
Every trade on a coin's curve pays pump.fun's creator fee (30 bps on USDC curves, read live from pump.fun). At launch, each coin gets its own fresh wallet that is its creator, so that fee accrues to it in USDC. Every 20 minutes the keeper claims anything over $2.00, moves it to the reserve wallet, and once $20.00 has built up across coins, buys USDY with it in one swap.
How is each coin's share tracked?+
Every coin has its own ledger: USDC swept, USDY bought for it and what that USDY cost (its basis). When USDY is bought for several coins at once, the USDY that comes out is credited to each coin pro rata to the USDC it put in. Nothing is shared blindly.
How does the yield get to holders?+
USDY's price rises as the Treasuries behind it earn. A coin's yield is what its USDY would sell for right now (a real quote, so trading costs are priced in), above its basis. Once the holders' part is worth $2.00, exactly that yield is sold back to USDC: the principal stays in the reserve. 80% of it is credited to the coin's holders by bag size, snapshotted at that moment, and paid out once a wallet is owed $0.05.
Who counts as a holder?+
Any wallet holding at least 100,000 tokens. Program accounts (the bonding curve, the PumpSwap pool) and the platform's own wallets never earn. No single wallet takes more than 10% of one distribution; the excess is spread over everyone else.
What does launching cost?+
About 0.03 SOL, paid from your own wallet in one approval: pump.fun's creation cost, the coin's fee wallet's USDC account, and a little SOL so the keeper can pay that wallet's network fees. You can add a first buy in USDC in the same approval. The fee wallet is made fresh for your coin and is its creator on pump.fun, so the fees go to the reserve, not to you or us.
What happens when a coin graduates?+
It moves to a PumpSwap pool, still paired with USDC. Its creator fees keep accruing to the same wallet in USDC, and the keeper keeps sweeping them. Nothing changes for holders.
Is the reserve a price floor?+
No. The reserve backs a coin's yield, not a buyback promise. Nobody can redeem tokens against it, and a coin can still go to zero. 'Reserve per token' shows how much sits behind each token, not what it can be sold for.
What are the risks?+
Memecoins are extremely risky. USDY is a real-world-asset token issued by Ondo and is not available to US persons; it carries issuer, custody and liquidity risk, and its price can dip in the short run. Swaps between USDC and USDY cost a little each time. The keeper is run by the platform: it can be paused, and it needs SOL to pay network fees.