Yield Aggregator · Review
ActivemStable V2 Review 2026: Automated Stablecoin Yield
mStable V2 is an Ethereum yield product that spreads stablecoin deposits across Pendle, Aave and similar markets and manages the position automatically. It suits users who want hands-off stablecoin yield and accept stacked smart-contract and depeg risk.
By the DappsAtlas editorial team · Updated
DappsAtlas score
6.8/10
Good
Our verdict on mStable V2
6.8/10mStable V2 suits Ethereum users who want hands-off stablecoin yield and are comfortable with exposure to Pendle, Aave, Ethena and similar protocols. Its strengths are automated management, a diversified yield mix and named auditors. The main caveat is stacked risk: each underlying asset can depeg or fail, as the recent apxUSD exit shows, and fees are not published on the homepage. Size deposits accordingly and read the docs first.
Score breakdown
How mStable V2 scores
- Security
- 6.5/10
- Ease of use
- 7.5/10
- Fees
- n/a
- Features
- 6.5/10
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is mStable V2?
mStable V2 is a yield product on Ethereum. The homepage describes it as a way to earn yield on stablecoins by placing deposits across supported yield markets, including Pendle and Aave.
DefiLlama tracks about 5.2 million dollars in TVL, with a token ticker of DHT and an entry dated October 2025. DefiLlama files it under CDP, but the homepage describes a yield vault, so it fits better as a yield aggregator.
Recent news on the site covers the Stacked Yield vault adding Midas mAPOLLO in July 2026, adding Apyx in May 2026 and then exiting the apxUSD position after a depeg. The site also says it is built on Chamber.
How mStable V2 works
You deposit a supported stablecoin and receive a position token in return. The protocol then spreads the funds across yield markets, which according to the homepage and news include Ethena-based assets, Pendle principal tokens and Aave lending.
The vault is managed over time, so the underlying mix can change. For example, the project added mAPOLLO from Midas as a market-neutral source and later exited a PT position after a depeg. Returns come from the underlying markets, so they move with those markets.
Withdrawals return the underlying value of your position. Because the assets sit in third-party protocols, the ability to exit smoothly depends on liquidity in those markets.
6 features
Key features
01
Stacked yield strategy
Deposits are allocated across supported yield markets rather than a single source, with news items naming Ethena, Pendle, Aave and Midas assets.
02
Automated position management
The homepage says the position is managed over time and does not expire, so users do not roll positions by hand.
03
Pendle PT exposure
The product uses Pendle principal tokens such as mPT-sUSDe, which lock in a fixed-style yield until maturity, as described in the FAQ headings.
04
Aave liquidity access
The project says its products reach competitive liquidity on Aave that regular users cannot easily get.
05
Audits and bug bounty
The homepage lists audits by Sherlock, iosiro and Trust Security, plus a bug bounty page.
06
Public news updates
The project posts updates when it adds or removes yield sources, including an exit after a depeg.
Pros and cons
What we like
- Automated management removes the need to roll or rebalance positions manually
- Diversifies across several yield sources instead of a single market
- Homepage names three auditors and a bug bounty
- Project publishes news on changes to its yield mix, including a risk event
- Long operating history, with the site citing four years of contract use
Watch out for
- Yield depends on third-party protocols and tokens (Ethena, Pendle, Aave, Midas), so a failure or depeg in any of them can hurt the vault
- The homepage news records an exit from an apxUSD position after that asset depegged, showing the risk is real
- DefiLlama lists no audits for this V2 entry, so users must check the project's own audit page
- Fee levels are not published on the homepage, which makes net returns hard to judge
- Automated position management means users give up direct control over which markets hold their funds
- Rebranded under a new "Chamber" framing, and the older mStable USD token trades slightly below $1 according to price pages
mStable V2 fees
The homepage does not publish a fee schedule. Users should check the app and the docs for any management or performance fees before depositing.
On Ethereum, deposits and withdrawals also cost network gas, which varies with congestion and can matter for smaller balances.
Is mStable V2 safe?
The homepage says the contracts have multiple audits, naming Sherlock, iosiro and Trust Security, and links a bug bounty. It also cites four years of battle testing. DefiLlama lists no audits for this entry, so readers should confirm the scope and dates of each audit on the project's audit page.
The larger risk is exposure to other protocols. A depeg in an underlying asset can cause losses, as the apxUSD episode shows. The project does not publish team details or a regulatory status on its homepage. Nothing here is financial advice.
6 steps
How to get started with mStable V2
- 1
Read the docs and the FAQ on the official site, especially the sections on risks and mPT-sUSDe.
- 2
Review the listed audits and the bug bounty page.
- 3
Connect an Ethereum wallet through the app.
- 4
Choose the amount of stablecoin to deposit and check the estimated amount you will receive.
- 5
Confirm the deposit and keep ETH for gas.
- 6
Monitor the project's news feed for changes to the yield mix and withdraw when needed.
Who mStable V2 is for
Users who hold stablecoins on Ethereum and want automated yield without managing Pendle or Aave positions themselves. It is less suited to anyone who cannot accept smart-contract and depeg risk, or who wants fully transparent fee numbers before depositing.
mStable V2 FAQs
What is mStable V2?
mStable is a DeFi project that has run since the early days of on-chain stablecoin products. Its current V2 offering is a yield product that takes stablecoin deposits and allocates them across supported yield markets such as Pendle and Aave on Ethereum.
How does mStable generate yield?
The homepage says deposits are put to work across supported yield markets, with Ethena, Pendle, Aave and Midas products named in recent news. The position is managed automatically, so the user does not need to roll it manually.
Is mStable secure?
The homepage says the contracts have multiple audits, naming Sherlock, iosiro and Trust Security, and points to a bug bounty. Audits reduce but do not remove smart-contract risk, and the underlying protocols carry their own risks.
What are the risks?
Main risks include smart-contract bugs, depegs of underlying stablecoins or yield tokens, and liquidity or withdrawal limits in the underlying markets. The project's own news notes an exit from an apxUSD position after that token lost its peg.
What networks does mStable operate on?
DefiLlama lists Ethereum only. The homepage mentions Ethereum Mainnet liquidity, Pendle and Aave.
Do I need to manage my position manually?
The homepage states the position is automatically managed over time and that it never expires. Users deposit and withdraw, and the app handles allocation between markets.
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How we checked
Sources
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