SPOT is a decentralized flatcoin protocol that uses tranching instead of liquidation markets to provide stability that scales. SPOT can be held directly as a refuge from inflation, used as a peer-to-peer digital cash, or held as alternative collateral to USDC within reserves. It is created by reorganizing the volatility of its collateral asset (AMPL) into two derivative assets: SPOT is a low volatility derivative of AMPL that can be used as a flatcoin. stAMPL is a high volatility derivative of AMPL.