TLDR; Stablecoin Transport Protocol (STP) enables large stablecoin swaps without slippage, and can scale to any number of stablecoins
Since the passage of the GENIUS Act in July 2025, we’ve seen an explosion of new stablecoins, issuers, and issuers-as-a-service. As a result, the market is fragmenting at an exponential rate, with USDC/T dominance declining, in spite of expanding supply for each stablecoin.
Total stablecoin supply is expected to grow to 3.7 trillion by 2030. Current stablecoin to stablecoin daily volume on decentralized exchanges alone is ~3-5 billion, and another ~6-10 billion on centralized exchanges. There is an expected 10x in stablecoin supply and increased fragmentation as new issuers enter the market e.g.banks, fintechs, web2 giants. We conservatively expect daily stablecoin volume to reach $100 billion by 2030.
The protocols designed for stablecoin swaps such as Curve, Uniswap, Raydium, Fluid, etc appear unable to effectively scale past 3 or 4 stablecoins, and certainly not dozens. This can be seen in the incredibly shallow capital depth outside of USDC, USDT, USDS.
Even market leading centralized exchanges like Binance offer poor liquidity on swaps with a notional size greater than 1M, especially beyond the USDC/USDT pair. A single 7 figure swap of PYUSD and USD1, for example, will move the market by several basis points.
The Stablecoin Transport Protocol (STP) is designed to enable swaps between any stablecoin on any chain in sizes of $1M - $10M+, with the very low fees (1-3bp(s)) and no slippage. It is designed to be maximally capital efficient, and we believe is the only protocol that can scale to support any number of stablecoins. The entire liquidity pool can be used to fill a single swap, meaning a $10M liquidity pool can fill a $10M USDC to PYUSD swap.
STP is a short term lending protocol, which lends stablecoins on an uncollateralized basis to solvers for the explicit purpose of filling swaps. To qualify as borrowers, the solvers must run a specific solver codebase inside of a trusted execution environment (TEE), then generate an attestation and submit this attestation to the STP smart contract. This verification process utilizes NEAR’s shade agent framework and D-Stack.
To borrow, registered and verified solvers can first retrieve a signed intent quote from a user, requesting to trade one stablecoin for another. The solver can then call the Borrow function, submitting the signed quote as an argument. The STP contract will then lend the solver the exact amount of funds necessary to fulfill the swap.
Upon receiving the loan, the solver codebase will route the funds to an off-chain venue stipulated in the solver code (e.g. Binance, Coinbase, Circle). After swapping the loaned funds to the user’s desired target asset, solvers withdraw the converted assets to the destination chain to fulfill the swap.
Once the swap is fulfilled, the solver will take the newly acquired assets, and reverse the process to repay the lending pool. If the lending pool is denominated in USDC and the solver receives PYUSD from the user, they will convert the PYUSD they receive from the swap into USDC, and then repay the pool.
STP addresses the capital efficiency problem of stablecoin swaps by enabling a new form of uncollateralized lending with novel mitigations of counterparty risk. It utilizes agentic lending - a model where funds are only lent out to Shade Agents: cryptographically verified software instances.
The system relies on three security primitives: