The Decibel Basis mentioned it should introduce a protocol-native stablecoin, USDCBL, issued by Bridge, forward of the February mainnet launch of its Aptos-based decentralized derivatives change.
In accordance with an announcement shared with Cointelegraph on Thursday, the US dollar-denominated token will function collateral for onchain perpetual futures buying and selling, permitting the platform to internalize reserve-related economics somewhat than depend on third-party stablecoin issuers.
Decibel, incubated by Aptos Labs, plans to launch on this month with a totally onchain perpetual futures venue utilizing a single cross-margin account. The change mentioned its December testnet attracted greater than 650,000 distinctive accounts and exceeding 1 million day by day trades, although these figures haven’t been independently verified.
At launch, customers will deposit $USDC ($USDC) and convert it into USDCBL as a part of the onboarding course of. USDCBL might be issued by Bridge’s Open Issuance platform, which permits tasks to create regulated, absolutely collateralized stablecoins with built-in on- and off-ramps. Bridge was acquired by Stripe in late 2025.
In accordance with an X put up on Thursday from Decibel, the inspiration mentioned USDCBL reserves might be backed by a mixture of money and short-term US Treasurys, with yield generated from these belongings retained inside the protocol.
It added that capturing reserve earnings might scale back reliance on buying and selling charges or incentive applications as major income sources, permitting worth to be reinvested into protocol growth and ecosystem initiatives.
“This isn’t about launching one other stablecoin,” the inspiration wrote, describing USDCBL as core change infrastructure somewhat than a standalone retail token.
Supply: Bridge
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Rise of ecosystem-native stablecoins throughout crypto and banking
The shift towards ecosystem-aligned greenback tokens spans each crypto and conventional finance, as platform operators more and more difficulty stablecoins tailor-made to be used inside their very own networks somewhat than relying solely on exterior issuers.
The closest comparability to Decibel could also be Hyperliquid, a decentralized perpetual futures change that launched its native stablecoin, USDH, in September after a fierce bidding struggle for issuance rights.
The dollar-pegged token is minted on the platform’s Ethereum-compatible execution layer, HyperEVM, and is designed to function collateral throughout the change whereas decreasing reliance on exterior issuers.
Supply: DefiLlama
The development extends past crypto-native platforms. In November, JPMorgan Chase launched JPM Coin for institutional settlement on its blockchain infrastructure, representing tokenized US greenback deposits held on the financial institution.
The deposit token was piloted on Coinbase’s Base community, giving institutional shoppers entry to 24/7 blockchain-based transfers. In contrast to publicly circulating stablecoins, JPM Coin is permissioned and obtainable solely to the financial institution’s institutional shoppers.
Fintech platforms have additionally participated. PayPal launched $PYUSD in 2023 as a dollar-backed stablecoin embedded straight into its funds system, giving the corporate higher management over settlement flows inside its personal community.
In 2025, the corporate launched a 3.7% annual rewards program for US customers holding $PYUSD in PayPal or Venmo wallets, additional embedding the stablecoin into its client funds ecosystem.
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