Stablecoins and Agentic Commerce | Matt Lockyer - Proximity Labs

Hey everybody, how's it going? Uh, my name is Matt. I'm with Proximity Labs. Um, and I'm here to talk about the stablecoin transport protocol or STP. You can find out more at stablecoin transport.

com. Uh, but yeah, let's get into it. So, um, we obviously know a bit about what's going on. the Genius Act passed and uh that's added some regulatory clarity to stable coins. So we basically seen an explosion in both the offerings and the supply of stable coins.

The result is exponential fragmentation across a great deal of the payment stack. Uh why DeFi can't scale this? Well, basically AMMs fail to be capital efficient past a certain point. Realistically, uh, the fees that the market will accept are probably very low, which means that the pools aren't really worthwhile. The situation is a bit better in the newer combined pools like Fluid, but they still require preunding and they aren't capital efficient past 3 to four coins, three to four stables.

So, we're introducing SCP. It's a stable coin transport protocol, and this will be available through near intense. The key innovation is that it's a single collateralized protocol. The vault serves all stable coins via a short-term underolateralized lending process. So, let's jump in to how it works.

Users will request a quote via near intense. They receive a quote from a verified STP solver. Then, they sign and deposit their funds. Verified solvers running in TE's borrow from the vault. They fill their intense account with the stables that the users want.

Solvers now complete the swap with the user and then they hold the user's liquidity. Now after executing the swap, the solvers can swap the user's liquidity back into the liquidity of the vault and any fees that are generated by the swap. The lenders earn this yield on every borrow and repay cycle. The key insight here is that undercolateralized lending is safe because solvers are running T- verified code. These are not humans taking out under collateralized loans.

So let's take a look at the security a bit more. It's built on Near's shade agent framework and fall dstack T infrastructure. So this is pretty hardened and well audited stuff. Solvers are shade agents. So they're cryptically verified software instances running in the T.

There's a three-step verification process for how solvers sort of get on the contract. The vault owner approves a solver account in the STP contract. The solver will register their T account and then the T account must submit an attestation. The contract verifies that the T is running the STP codebase and now the solver's TE is authorized to borrow and sign intents. This design allows approved solvers to rotate their T accounts for recovery purposes, but every T account must re-register with a valid attestation and run the STP codebase.

So what does under collateralized lending protocol look like from the lender side? Lenders deposit stable coins into a vault just like any other vault. They receive shares. The share price increases as the solvers repay into the vault with the fees and the yield is occurring automatically. Now the only change is when it comes to redemptions.

There is obviously instant withdrawals for the lender if the liquidity is available. But what happens when the liquidity is being utilized by a solver? Lender redemptions are FIFO cued. So if funds are borrowed exceeding the redemption amount, the lenders are put into a queue. New borrows are blocked when the queue is non-mpy.

So lenders always come first. Once the solver repays uh to the to the vault, the vault uh or the lenders are automatically uh automatically redeemed. So, this vault is an NEP621 compliant vault on Near. Um, and otherwise for the lender, it basically just looks and feels just like any other D5 vault. So, yeah, in summary to wrap up, the stable coin explosions here, DeFi and AMMs and other solutions won't really be able to handle the fragmentation.

The solution here is STP, a single collateral pool that swaps any stable coin via Tverified solvers. The result is that we can handle 1 to 10 million plus swaps with low fees. Any stable coin, any chain, the security is testations plus an escrow first atomic swap via near intense. The future STP could be generalized as a liquidity transport for all tokenized assets, but we'll talk about that next year maybe. Um, thank you.

And you can find out more at stablecointransport.com. I do have a few extra minutes, so I have a bit of like supplementary material. I'd like to just chat about what's happening kind of in the near AI ecosystem and agentic payments because obviously it's pretty hot right now. Something tells me um so there's a lot of things going on.

Uh basically, you know, we all know AI agents are the new economic actors. Um we think STP protocol because it's self-custody and it's a kind of a non KYC solution, we think agents can actually play nice here. Um because near intense they can just use that automatically you know they don't need to they don't need an identity basically to use near intents. Um there's obviously like a good ecosystem flywheel here. Um Near is also developing uh a hardened ver uh hardened security hardened version of OpenClaw called ironclaw.

So if you're into openclaw and you're into agents you might want to check that out. uh near AI cloud the infrastructure layer uh they've partnered tightly with FA and that DStack uh T attestation verification stack that I talked about early earlier so uh near AAI cloud will be offering that as well so we'll be able to run uh T instances with verified code bases on nearai cloud uh but for right now you can go to nearI cloud and you can actually get private inference uh so that's something that's on offer right now on nearai cloud uh yeah and there's an agent marketplace on near uh if you haven't heard about it uh basically agents transacting, posting jobs um and basically earning money um just like they are in a few other spots in the ecosystem. So uh yeah check that out. Um and then of course near intense if you've heard about that that's the transaction layer. Um lot of information coming about near intense very soon.

Uh we've got near con happening in San Francisco. So look for some big announcements next week related to near intense. Ironclaw already spoke about it. Um, it's pretty cool. It's like a like a super encrypted version of OpenClaw designed for basically crypto agents.

Yeah, that's about it. Um, I think I'm good for time. All right, thanks everybody.