Stable+: The Token That Can Only Go Up in Its Base Asset

A token whose price can only hold or rise in its base asset, set by the contract on every trade.

TL;DR

• A Stable+ token's price can only hold or rise in its base asset. That is a rule the contract applies to every trade, not a promise from a team.
• You can borrow its full value (before fees), and take leverage of up to about 37x, depending on the size of the buy, at any point in its life, with no price liquidation. Positions end on a date, not on a dip.
• The token and the exchange are one system. Stable+ trades, lends and leverages on BASIS, on Robinhood Chain, from its first trade.

Almost every token in crypto has one thing in common: the price can go down.

Bitcoin has fallen by half in bear markets. Even well-known DeFi tokens have dropped 80% from their highs and taken years to recover, if they ever did.

What if a token simply could not do that in the currency it is priced in?

Not because of a peg. Not because a team promises to buy back. Because the contract sets a price that, measured in its base asset, can only hold or rise.

That is Stable+. It is one of the stranger things in DeFi right now.

The BASIS Exchange: Built for This

A standard AMM was designed for one kind of token: fixed supply, outside liquidity providers, a generic price curve. That works for what it was built for. It was never built for this.

The BASIS exchange was designed from scratch around its token families. Pricing and the rising-price rule are part of the exchange itself, not features bolted onto a generic one. The token contracts and the trading engine work as one system.

That is why the BASIS exchange is where Stable+ lives. The price rule is applied there, on every trade, and the products that depend on it live there too:

• Loans at 100% LTV against Stable+ collateral. You can borrow the full value of what you put up, before fees.
• Up to about 37x leverage on Stable+, depending on the size of the buy, at any point in the token's life, with no price liquidation. A position is never closed because the price dipped. It ends on a date you choose.

Both depend on the price rule, and the price rule depends on the exchange. That is also why the design does not transplant onto an existing exchange: its routers, liquidity model and fee structure were built for a different kind of token.

What It Does

You do not need to know the inside of the engine to use Stable+. What matters are the properties you can rely on:

The price can only hold or rise in its base asset. Buys lift it. Sells do not push it below where it was. Over time, with trading, it steps up.

The creator sets the starting depth, and can never touch the liquidity. There is no pool to pull, no LP position to drain and nobody who can walk off with the depth.

It is live from its first trade. No graduation, no migration to another venue, no waiting period before it can be borrowed against or leveraged.

What That Means in a Sell-Off

Suppose most holders decide to sell at once. On a normal token, that is a crash. On Stable+, the price does not fall in its base asset because people sold.

There is no peg to break. What a wave of selling does do is slow the activity that lifts the price, so a token nobody uses can sit flat for a long time. Stable+ fixes the direction of the price, not the size of the gains.

Up in What? The Base Asset

Every BASIS token is built on a base: the asset it is priced in and trades against. The main base is USDG. There are also bases built on stocks and other assets, such as SPY+, NVDA+, AAPL+, ETH+ and GLD+. Each base has its own vault, lending and leverage, and loans are paid out in the base itself.

"Can only go up" always means in its base asset. A Stable+ token on USDG holds or rises in USDG. A Stable+ token on NVDA+ holds or rises in NVDA+, and NVDA+ itself moves with the stock. So in dollar terms, a Stable+ token on a stock base can fall when the stock does. Pick the base you actually want to be measured in.

What Stable+ Is NOT

Let's clear up the obvious comparisons.

It's not a stablecoin.

Stablecoins aim to stay at $1. Their price is supposed to stay flat.

Stable+ is not pegged to anything. Its price holds or rises from wherever it starts, in its base asset. It is not stable in the "stays at $1" sense. It is stable in the "does not go down in its base" sense. A different idea entirely.

It's not an algorithmic stablecoin.

UST was an algorithmic stablecoin. It held a $1 peg by minting and burning a partner token, LUNA. The flaw: LUNA's price could move freely, so the peg was only as strong as LUNA's market value. When confidence broke, LUNA collapsed, and the mechanism meant to defend the peg sped up the spiral.

Stable+ does not try to hold a peg at all. There is no target price to defend and no partner token to lean on. The price rises with activity, and it does not fall in its base asset.

It's not a Ponzi or a pyramid.

The skeptic's question: "If the price only goes up, someone has to lose."

Stable+ does not rely on new buyers to pay old ones. Nobody is promised a return. Every buy is paid in the base asset and every sell is paid out in it, at the current price, under the same rules for the first buyer and the last. A seller gets the base asset, and the holders who stay are not left with a lower price because of it. A sale does receive less than the quoted price, and more so on a large sale.

Holding still carries risk. Each trade carries a fee, so a short hold on a quiet token can cost more in fees than it gains in price. And contract risk applies, as it does to anything on-chain.

Why This Matters

For Treasuries

DAOs and projects need somewhere to park capital. Hold ETH and it might drop 40%. Hold a stablecoin and it just sits there.

Stable+ is a treasury asset whose price only holds or rises in its base asset, and rises with trading activity. It is not yield farming. It is appreciation from use.

For Agents and Traders Managing Capital

AI agents and human traders both need predictable base assets. It is hard to build reliable strategies on collateral that can drop 30% overnight. Stable+ gives any operator a token whose price does not fall in its base asset, which makes every calculation about loans, leverage and allocation simpler. Every action on BASIS is open to agents through the MCP server (205 tools) and the TypeScript and Python SDKs (595 methods).

For Loan Collateral

This is where Stable+ opens up the rest of BASIS.

Because the price does not fall in its base asset, you can borrow against Stable+ at 100% of its value. There is no price liquidation: a loan ends on its date, not on a dip. Before expiry you repay or extend. If you do neither, after expiry a keeper closes the loan: the collateral that covers the debt is taken to repay it, 10% of the rest is the liquidation fee, and you claim the remainder. Claim within 365 days of the liquidation; after that the leftover may no longer be claimable. You never owe more than your collateral.

While a loan is open, the token keeps trading. On Stable+, its price may have risen by the time you repay. When you repay, your tokens are priced at least where they were in the base asset, and more if the token traded in the meantime.

For Leverage

Stable+ is where BASIS leverage is most available. Up to about 37x, depending on the size of the buy, is on offer at any point in the token's life, not just at launch. The position opens in one transaction and settles by date, with no price liquidation. Fees apply on each buy inside the position, and they are shown before you open.

For a full breakdown of how leverage works on BASIS, see Dynamic Leverage Without Liquidation.

For Prediction Markets

Most BASIS prediction markets have a linked Predict+ token, and Predict+ tokens trade on a Stable+ curve. Its price holds or rises in its base asset with trading activity, and you can hold it without picking a winner.

That gives you ways to take part beyond betting. Hold the token for its price. Use it as loan collateral. Or combine the two: hold it, borrow against it, and use the loan to back an outcome. The token and the market are separate instruments that work together.

For more on Predict+, see The Predict+ Playbook.

Real-World Use Cases

Stable+ thrives on activity. It works best where a token is bought, used and sold again and again. The more it circulates, the more its price steps up.

That makes it a fit for high-circulation uses:

Online Casinos and Games of Chance: Players buy in to play, winners cash out, and the cycle repeats all day. Every round of play adds trading activity behind the price.

Platform Currencies: Any platform that needs an internal currency, from marketplaces to service platforms, gets one whose price rises with its users' activity.

In-Game Currencies: Players buy, spend and earn, and the cycle repeats. Unlike in-game currencies that inflate toward nothing, a Stable+ game token holds or rises in its base asset as the game gets busier.

Agent Identity Tokens: AI agents launching a Stable+ token as their on-chain identity, alongside an ERC-8004 agent ID. Supporters buy in, and the agent's brand carries a price that does not fall in its base asset.

Creator Brand Tokens: Creators, analysts and community builders launching a Stable+ token as their on-chain brand. Every trade from supporters earns the creator their creator fee. Supporters are not buying something that can go to zero in its base.

Tipping: Fans buy, tip the creator, the creator sells. The cycle keeps the token active and gives the creator a direct revenue stream.

Event Currencies: Conferences, communities and DAOs running an event on a Stable+ token. Participants buy in and trade among themselves, and the price does not fall in its base asset while they do.

Savings: Parking USDG in a Stable+ token as a savings choice. Not yield farming, just a token whose price does not fall in its base asset. Fees mean it suits longer holds better than short ones.

For memberships, access passes and subscriptions, also look at Utility+. Its price moves both ways over a rising floor, and it is built for exactly those uses.

The Creator's Playbook

If you are launching a Stable+ token as a platform, a casino, a game studio or an agent, here is the decision framework.

Step 1: Design for circulation. Stable+ thrives on activity. Your token needs a natural buy, use and sell cycle. Ask yourself: why does someone buy this token, what do they use it for, and what happens to it after?

• Casino: players buy to play, winners cash out, the cycle repeats
• Platform currency: users buy to pay for services, spend inside the platform, earn and spend again
• Gaming: players buy, spend in-game, earn through play
• Tipping: fans buy, tip, creators sell

Step 2: Set your revenue expectations.

• Every trade pays the 0.60% base fee to the platform (0.54% with a referrer)
• On top, you set your own creator fee, from 0% to 1%, and you can change it at most once every 4 hours
• You also earn 20c of every $1 of loan-side fees on your token, so you are paid when holders borrow against it
• Optionally, add Reward+: an extra fee on trades, paid to your holders in the base asset
• Example: a casino token trading $100K a day with a 0.50% creator fee earns its creator $500 a day in creator fees
• Keep the total fee low on a token meant to circulate fast. Every fee is paid on every trade, and a heavy fee slows the activity the token depends on

Step 3: Plan your integration.

• Will the token be the only currency in your platform? (Strongest activity)
• Will it sit alongside other payment methods? (Less activity, broader adoption)
• How deep should it start? You set the starting liquidity depth at launch

Step 4: Drive volume. Every bet placed, every item bought and every tip sent is a trade behind the price. Your users are not just customers. Their activity lifts the token they all hold. Make that visible, and make it part of the pitch.

The Bottom Line

Crypto has had thousands of token models, and nearly all of them share one property: the price can go down. Every portfolio strategy and risk model in crypto plans for that.

Stable+ takes that variable out of the price, measured in its base asset. Not with promises. Not with governance. With a pricing rule in the contract.

It is not a promise of profit. Fees, execution and contract risk still matter. Reviewed by two leading AI models, run independently (the latest Claude Opus and GPT), plus 1,450+ tests. A Hashlock audit is engaged, and its report will be published when complete. Bug bounty open. But the direction of the price, in its base asset, is set by the contract.

The token that can only go up in its base asset. Not a meme. A mechanism.

Stable+ on BASIS: a price that only holds or rises in its base asset. Borrow its full value. Up to about 37x leverage at any point in its life. On Robinhood Chain, in USDG. launchonbasis.com