> For the complete documentation index, see [llms.txt](https://steakhouse.financial/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://steakhouse.financial/docs/products/stablecoin-products.md).

# Stablecoin Products Explained

{% hint style="info" %}
In this section, Steakhouse Financial breaks down how stablecoin yield products work. The goal is to simplify two concepts that are often presented as more complex than they need to be: strategies that generate yield (Repo, Term, Carry, and Looping) and vaults that aggregate deposits and execute those strategies onchain.
{% endhint %}

Traditional, or legacy, financial products, even when designed well, are generally opaque to their execution, difficult to combine or compose and rely on legal mechanisms to enforce rules and regulations.

Stablecoin-based products, when designed well, can offer transparent and fast execution, easy composability with other strategies and combine rule definition and enforcement in the same program.

Stablecoin-based finance broadly consists of two parts:

1. Strategies
2. Vaults

### Strategies

We take a simplified view of strategies that are possible in crypto and reduce them to

1. Repo
2. Term
3. Carry
4. Looping

### Vaults

Vaults are tools that simplify the user experience for the user looking to get exposure to one or more of the above strategies. The infrastructure these strategies can be executed in can be either

1. Modular
2. Integrated

The key features that will make a compelling product relative to traditional (or legacy) financial products are vaults that offer:

* Onchain net asset value (NAV) accounting
* Automated portfolio strategy
* Strict noncustodiality


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