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![Tanaka_L2 Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1456891312230506496.png) Tanaka [@Tanaka_L2](/creator/twitter/Tanaka_L2) on x 48.7K followers
Created: 2025-07-11 15:03:20 UTC

I’ve been studying the evolution of stablecoins for years.

And here’s the uncomfortable truth:

→ Most either rely on full reserves (like $USDC,  capital-inefficient),
→ Or fragile algorithms (like $UST which collapse when fear spikes).

Now, The @TheFedzNFT  introduces a 3rd path:

An incentive-backed stablecoin that discourages bank runs by design.

Let me explain:

▸ You can’t mint $FUSD directly. You must first provide liquidity.
▸ That liquidity is partially locked, preventing instant panic exits.
▸ You earn sbFUSD, then burn it 1:1 to mint $FUSD.
▸ Only NFT holders can govern and mint, others just use the asset.

On exit, there's a Sequential Access Queue, no rush-for-the-door chaos.

This mechanism is backed by game theory models of exit behavior.

It’s not just clever, it’s potentially a new primitive in DeFi:

A stablecoin that rewards supporters, penalizes panic, and encodes trust via incentives.

Curious to see how it performs under stress. But the thesis makes a lot of sense.


XXXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1943687557939953887/c:line.svg)

**Related Topics**
[ust](/topic/ust)
[holders](/topic/holders)
[nft](/topic/nft)
[$fusd](/topic/$fusd)
[$ust](/topic/$ust)
[$usdc](/topic/$usdc)
[stablecoins](/topic/stablecoins)
[coins stablecoin](/topic/coins-stablecoin)

[Post Link](https://x.com/Tanaka_L2/status/1943687557939953887)