PANews, June 21 – Tether co-founder Reeve Collins pointed out in an interview that the current stablecoin model has structural flaws: when users deposit U.S. dollars, the issuer invests the funds in assets such as U.S. Treasury bonds (currently yielding 3–4%), and all interest earnings are exclusively retained by the issuer. Users only gain payment convenience and cannot share in the returns. To address this issue, Collins has launched the next-generation decentralized stablecoin protocol STBL, which uses a dual-token structure that separates into a stable payment token and an interest-bearing token, allowing users to automatically accumulate earnings while transacting. Additionally, the protocol enables any institution — such as banks, brands, or sports teams — to issue their own stablecoins on it, choosing assets and yield distribution rules.