Decibel to Launch Native Stablecoin in February via Stripe's Bridge
The Decibel Foundation will launch USDCBL, a U.S. dollar-denominated stablecoin, ahead of the February mainnet debut of its decentralized derivatives exchange on the Aptos blockchain. The project, which was incubated by Aptos Labs, aims to create a dedicated collateral asset for its on-chain perpetual futures trading venue. The exchange's testnet reportedly attracted significant interest, with over 650,000 unique accounts and more than 1 million daily trades.
At launch, users will deposit USDC and convert it to USDCBL through Bridge’s Open Issuance platform. Bridge, a regulated stablecoin provider acquired by Stripe in 2025, enables projects to create fully collateralized tokens. Decibel's strategy is to capture value that would otherwise go to third-party issuers. The reserves backing USDCBL will consist of cash and short-term U.S. Treasurys, with the resulting yield retained by the protocol. The foundation emphasized the strategic nature of the token, describing USDCBL as core exchange infrastructure rather than a standalone retail product.
Platforms Embrace Native Stablecoins, Citing Efficiency and Revenue
Decibel's strategy reflects a broader industry shift toward ecosystem-native stablecoins, as platforms seek greater control and new revenue streams. The move closely mirrors that of Hyperliquid, a decentralized perpetuals exchange that launched its own stablecoin, USDH, in September to serve as its platform's primary collateral. By internalizing the stablecoin function, these exchanges can reduce their dependence on external issuers and capture reserve income.
This trend extends beyond crypto-native exchanges into traditional finance and fintech. In November, JPMorgan Chase introduced JPM Coin for institutional settlement, representing tokenized U.S. dollar deposits held at the bank. Similarly, PayPal launched its PYUSD stablecoin in 2023 and later introduced a 3.7% annual rewards program in 2025 for users holding the token, demonstrating a clear strategy to embed the asset within its vast payments network and control settlement flows.
