mStable was begun in Melbourne, Australia, in late 2018. It was initially designed to address the fragmentation of stablecoin markets and the challenges to adoption and use that arose from this.

The project raised initial funding and began the development in 2019 with the MVP being completed. In May this year, mStable launched its first product, the mUSD stablecoin with a native interest rate, alongside a zero slippage swap product. These are available as the SAVE and SWAP products respectively. This was followed up by the launch of a governance token, MTA, in July, and a corresponding yield farming dashboard product called EARN. mStable is now in the process of decentralising its operations to create a robust community of incentivised and competent governors to guide the platform through its next phase of growth.

On July 18th, 2020, 2.66 million MTA were sold in an open public auction. The proceeds of this auction were collectively pooled in the mStable DAO. The funds will only be used once the protocol has sufficiently decentralised when funds will be allocated by MTA Governors.

The MTA token has governance as its primary function. In order to emit the token to a broad and decentralised group of holders, the MTA token is being emitted as an incentive to users that contribute to mStable asset liquidity and utility, as well as to bootstrap the MTA staking community.