Merkl maps your stablecoin holders across every protocol and chain, then rewards them directly or the companies that bring them
Stablecoin issuers distributing through Merkl
Ethena
PayPal
Frax
Sky
Ripple
Robinhood
CoinbaseEthenaPayPalFraxSkyRippleRobinhoodCoinbaseShare part of your net interest margin wherever your stablecoin sits, at a rate that follows what your reserves earn.
$10M of your stablecoin deposited in a lending market
Example: Sky shares its reserve yield on idle USDS in Morpho vaults.
Set a rate for each behavior, on the venues you choose, funded by your net interest margin or a marketing budget.
Illustrative rates. You set each one, and the budget behind it.
Choose who is eligible, like users with idle balances, and pay them directly, even behind several layers of contracts.
Merkl adds up what a company's users hold and streams rewards to the company directly. You manage the list of eligible wallets.
Only the protocols and clients that pass your checks become eligible. Merkl follows your compliance framework, not the other way around.
Merkl can sit between you and your partners as a single counterparty, so you run KYB on Merkl once instead of on every new partner.
Switch your Merkl program to private mode, and it stays invisible in the Merkl App. Deal terms and partner payouts are never exposed publicly.
Each recipient earns in exact proportion to their real balance over time. No snapshots: Merkl tracks every balance change, so no one gets paid for funds they held for a moment.
Fund your budget from your own wallet and keep custody throughout. If you can't fund rewards upfront, Merkl offers accounts payable terms: payouts go out on schedule, and you settle later.
Rewards are computed transparently and published onchain, so you and your auditors can check who received what, and when. No black box: every payout leaves a verifiable trail.
When your stablecoin lands on a new venue, pool or chain, add it to your program in a single API call, and its depositors become eligible right away, across 60+ chains. No smart contracts to write, audit or maintain: once your program is live, funding your budget is the only recurring task.
Keep custody of your budget, adjust your rate automatically, and widen your program to new venues and partners in a single API call.
Sky streams rewards on the idle USDS sitting in its Morpho vaults, so the portion that would otherwise earn nothing earns too, and nothing is spent where capital already earns.
