Skip to content
Case study, November 2026

Stable: a dollar backed by American mortgages

Stable issues USDX, a stablecoin backed by US residential mortgages. Holders mint it, stake it for yield and provide liquidity with it; homeowners pledge the equity in their houses through Stable Home Accounts. Matthew Jurenka is Stable's founding engineer. He built the infrastructure the whole product runs on, much of the app, and a portal for the lenders on the other side of the mortgages.

$1.42Mof USDX in circulation.

$2.38Mof home equity pledged by homeowners.

80mortgage positions behind the token.

The Stable app on its Mint page: a mint and redeem card swapping USDG for USDX on Robinhood Chain, with the reserves, fees and supply cap listed beside it.
Plate 1. Mint on app.trystable.co. Mint and redeem share one card; the reserves and fees beside it are read live from the chain.

What we built in the app

Staking with a cooldown
Staked USDX becomes mUSDX, whose share price rises as yield comes in. Unstaking started as a two-step claim; we replaced it with a seven-day cooldown, which is simpler to explain and simpler to build a vault around.
Redeem on the mint page
Redemption used to live on a page of its own. It now slides in on the same card as minting, so the way out is as visible as the way in.
The Chainlink pre-deposit
A vault that takes deposits from Ethereum, Arbitrum, BNB Chain, Robinhood Chain or Solana before it opens, so a depositor can stay on whichever network their wallet is already on. It shipped with a banner across every page of the app.
Referrals
The referral page, including changing who referred you and a layout that works on a phone.
The Chainlink Strategy Vault page: a three-step explanation of the pre-deposit, a list of accepted assets per network and a pre-deposit form with network and asset pickers.
Plate 2. The Chainlink pre-deposit. Pick a network and an asset; the vault routes it when it opens.
The Stake page: a stake and unstake card converting USDX to mUSDX, with the reserves, rate and seven-day cooldown listed beside it.
Plate 3. Staking USDX into mUSDX on Solana, with the seven-day cooldown stated up front.

A portal for mortgage lenders, in five days

The mortgages behind USDX start with lenders, who borrow against a warehouse line while each loan is waiting to be sold. Stable needed something to put in front of them. We built a working lending portal in five days: sign-in and teams through WorkOS, the line at a glance, every pledged loan with its documents and age, a marketplace for whole loans with saved searches and bids, and a draw request that pledges collateral and names the account the wire goes to.

It also has Baum in a sidebar: an assistant that can answer questions about this week's mortgage rates, the news and the lender's own account, with charts drawn in the reply.

The lending portal overview: a $75,000,000 committed line with $48,236,410 outstanding and $26,763,590 available, a collateral aging table and a list of items needing attention.
Plate 4. Line overview: what is drawn, what is left, which loans are about to age out of eligibility, and what the lender has to do this week. Demo data.
The loan marketplace: 128 loans totalling $84.2M, with saved searches and filters on the left and a table of loans with balance, rate, credit score and seller.
Plate 5. The marketplace: 128 whole loans, filterable by product, purpose, occupancy, credit score and loan-to-value. Demo data.
The draw request page: an amount field, a table of pledged collateral with checkboxes, a choice of receiving account and a summary of the wire.
Plate 6. Requesting a draw: choose the loans to pledge and the account to receive the wire. Demo data.

The platform

We set up the monorepo that holds the app, the landing page, the portal and Stable Home Accounts, with a Nix development shell so every machine and every CI run has the same tools. Everything deploys to AWS through SST, with separate staging and production stages and GitHub Actions doing the releases. We wrote the shared component library the apps are built from, and moved Stable Home Accounts off Vercel onto AWS, its scheduled jobs onto EventBridge.

Credit where it is due: Stable's founder built most of the app's recent pages and the landing page, and the globe on the landing page is Diego Garcia's.

Where the numbers come from

Circulating supply, pledged equity and positions are as Stable's site reported them on 12 November 2026. The figures in the portal screenshots are demo data seeded for the prototype, not a real lender's line. The screenshots are of the live app and of the portal running locally.

Building something like this?

We can own the contracts, the infrastructure and the screens people use, and keep them consistent with each other.

Start a conversation or book 30 minutes