> For the complete documentation index, see [llms.txt](https://docs.trystable.co/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.trystable.co/research/usdx-whitepaper.md).

# USDX Whitepaper

The institutional and technical reference for USDX, its collateral framework, peg mechanics, and protocol architecture.

## A dollar built on the U.S. mortgage market

The USDX Whitepaper describes how Stable brings mortgage assets onchain and converts their cash flows into transparent, programmable dollar liquidity. It covers issuance, collateral eligibility, staking, peg stability, loss absorption, and the protocol's technical architecture.

**May 2026 · Version 0.2**

Winston Robson

<a href="/research/usdx-whitepaper/abstract.md" class="button primary">Read the abstract</a> <a href="/research/usdx-whitepaper/table-of-contents.md" class="button secondary">View contents</a> <a href="https://github.com/Stable-Finance/whitepaper" class="button secondary">Download from GitHub</a>

{% hint style="info" %}
The whitepaper explains protocol design and intended mechanics. For current circulating supply, collateral composition, and live protocol metrics, use the [Reserves & Transparency dashboard](https://trystable.co/reserves).
{% endhint %}

## Explore the architecture

<table data-view="cards"><thead><tr><th></th><th></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td><strong>System architecture</strong></td><td>Follow issuance, reserves, staking, and settlement across the USDX system.</td><td><a href="/research/usdx-whitepaper/system-overview.md">System Overview</a></td></tr><tr><td><strong>Collateral framework</strong></td><td>Review eligible assets, valuation principles, and collateral controls.</td><td><a href="/research/usdx-whitepaper/collateral-framework.md">Collateral Framework</a></td></tr><tr><td><strong>Peg stability</strong></td><td>Understand the mechanisms designed to maintain USDX dollar parity.</td><td><a href="/research/usdx-whitepaper/peg-stability.md">Peg Stability</a></td></tr><tr><td><strong>Risk management</strong></td><td>Evaluate the protocol's risk controls and loss waterfall.</td><td><a href="/research/usdx-whitepaper/risk-management-and-the-loss-waterfall.md">Risk Management and the Loss Waterfall</a></td></tr></tbody></table>

## Primary sections

* [Mint and redeem](/research/usdx-whitepaper/mint-and-redeem.md)
* [mUSDX: Staked USDX](/research/usdx-whitepaper/musdx-staked-usdx.md)
* [Technical architecture](/research/usdx-whitepaper/technical-architecture.md)
* [Native origination channel](/research/usdx-whitepaper/native-origination-channel.md)
* [Regulatory framework](/research/usdx-whitepaper/regulatory-framework.md)