mStable assets represent some underlying value peg and are minted/redeemed on-chain via smart contracts. mASSETS are backed 1:1 by a basket of existing tokenised same-base assets. Each mASSET is a liquidity share for its asset pool as well as a medium of exchange, unit of account and store of value in its own right. Each mASSET has an outsized native interest rate that is derived from lending basket assets on third party lending protocols combined with fees collected from mStable's SWAP product. Users can swap between basket assets with zero price slippage, regardless of order size. For example, in mUSD, users are able to swap 1 DAI for 1 USDC at no cost, except gas and a small fee.