USST’s “peg math” isn’t vibes it’s architecture. @stbl_official laid out the 3-pillar design (Nov 16): high-quality RWA collateral, an automated fee-driven arbitrage loop, and incentive-aligned liquidity. In plain English: sound reserves, programmable response, and people paid to keep it tight. Here’s why I buy it beyond the tagline. USST is the spendable principal; the yield lives in a separate YLD claim. That split means you don’t have to lock the coin to earn, so secondary markets aren’t fighting the protocol for liquidity during stress. The docs are explicit on “liquid USST, yield to YLD,” and that’s the backbone of the stability story. ❯ Pillar 1 - Collateral: tokenized MMFs/T-bill rails (USDY, OUSG, BUIDL) + conservative buffers = low correlation to crypto beta. ❯ Pillar 2 - Arbitrage defender: dynamic mint/burn fees nudge convertors to close gaps (lower burn fees < $1, lower mint fees > $1). ❯ Pillar 3 - Incentives/liquidity: LAMP and market-maker design keep depth where it matters; redemptions route through designated convertors for par elasticity. Bonus: USST is natively multichain via Wormhole NTT (ETH + BNB), so liquidity isn’t stranded when venues wobble. That’s practical resiliency, not theory. Claim check: this holds up under the usual failure modes unless collateral quality or redemption plumbing breaks, dips read “NAD” (noise), not systemic. I’m watching fee responses, convertor activity, and LAMP depth across venues next