Aptos-incubated Decibel to launch protocol-native stablecoin ahead of mainnet

The Decibel Foundation said it will introduce a protocol-native stablecoin, USDCBL, issued by Bridge, ahead of the February mainnet launch of its Aptos-based decentralized derivatives exchange.

According to an announcement shared with Cointelegraph on Thursday, the US dollar-denominated token will serve as collateral for onchain perpetual futures trading, allowing the platform to internalize reserve-related economics rather than rely on third-party stablecoin issuers.

Decibel, incubated by Aptos Labs, plans to launch in this month with a fully onchain perpetual futures venue using a single cross-margin account. The exchange said its December testnet attracted more than 650,000 unique accounts and exceeding 1 million daily trades, though those figures have not been independently verified.

At launch, users will deposit USDC (USDC) and convert it into USDCBL as part of the onboarding process. USDCBL will be issued through Bridge’s Open Issuance platform, which enables projects to create regulated, fully collateralized stablecoins with integrated on- and off-ramps. Bridge was acquired by Stripe in late 2025.

According to an X post on Thursday from Decibel, the foundation said USDCBL reserves will be backed by a mix of cash and short-term US Treasurys, with yield generated from those assets retained within the protocol.

It added that capturing reserve income could reduce reliance on trading fees or incentive programs as primary revenue sources, allowing value to be reinvested into protocol development and ecosystem initiatives.

“This is not about launching another stablecoin,” the foundation wrote, describing USDCBL as core exchange infrastructure rather than a standalone retail token.

Source: Bridge

Related: US credit union regulator proposes stablecoin licensing path

Rise of ecosystem-native stablecoins across crypto and banking

The shift toward ecosystem-aligned dollar tokens spans both crypto and traditional finance, as platform operators increasingly issue stablecoins tailored for use within their own networks rather than relying solely on external issuers.

The closest comparison to Decibel may be Hyperliquid, a decentralized perpetual futures exchange that launched its native stablecoin, USDH, in September after a fierce bidding war for issuance rights.

The dollar-pegged token is minted on the platform’s Ethereum-compatible execution layer, HyperEVM, and is designed to serve as collateral across the exchange while reducing reliance on external issuers.

Source: DefiLlama

The trend extends beyond crypto-native platforms. In November, JPMorgan Chase introduced JPM Coin for institutional settlement on its blockchain infrastructure, representing tokenized US dollar deposits held at the bank.

The deposit token was piloted on Coinbase’s Base network, giving institutional clients access to 24/7 blockchain-based transfers. Unlike publicly circulating stablecoins, JPM Coin is permissioned and available only to the bank’s institutional clients.

Fintech platforms have also participated. PayPal launched PYUSD in 2023 as a dollar-backed stablecoin embedded directly into its payments system, giving the company greater control over settlement flows within its own network.

In 2025, the company introduced a 3.7% annual rewards program for US users holding PYUSD in PayPal or Venmo wallets, further embedding the stablecoin into its consumer payments ecosystem.

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