Stablecoin Tokenomics ModelFree Financial Model Download

Model stablecoin reserves and revenue to see true capital efficiency and avoid marketing exaggeration of backing ratios. The model projects TVL (total locked value = stablecoin supply × collateralisation ratio), calculates reserve yield (T-bills, liquid staking earning 4-5%), and forecasts revenue from: (a) net interest (reserve portfolio return), (b) mint/redeem fees (0.05% on gross volume, asymmetric: growth minting + churn replacement), (c) liquidation penalties (5-8% haircut on under-collateralised positions), and (d) transaction fees. Operating costs include dev team (6 FTE ~$1.2M/yr), audits, legal, and marketing.

Key mechanics: reserve yield is the spread—the protocol earns yield on reserves, stablecoin holders earn zero. Collateralisation ratio (110% typical) means the protocol holds $1.10 of reserves per $1.00 of stablecoin—the 10% excess is equity buffer funded by the treasury. Token emissions are a non-cash cost (tokens distributed from pre-minted pool valued at an assumed token price). The model separates protocol treasury (operating cash) from reserves (backing stablecoins). Cash flow shows reserve build as a major CFI line (buying T-bills as TVL grows) and stablecoin issuance proceeds as a major CFF line. EBITDA is deeply negative Y1-Y3, turns positive Y4-Y5 as TVL scales (revenue grows faster than fixed costs).

Essential for crypto protocol evaluators, DeFi yield farms, and token investors assessing viability without rely on marketing claims. Shows the real token valuation (protocol DCF, not speculation).