================================================================================
DELAYED OPEN-SOURCE LICENSE
Version 1.0
© Stable Foundation
================================================================================

THIS LICENSE IS A SOURCE-AVAILABLE LICENSE THAT AUTOMATICALLY CONVERTS TO THE
APACHE LICENSE 2.0 ON THE CHANGE DATE SPECIFIED BELOW.

This license (the "License") is granted by Stable Foundation, a Cayman Islands
foundation company ("Licensor"). Use of the Licensed Work (as defined below)
constitutes acceptance of this License.

================================================================================
1. Definitions
================================================================================

"Licensed Work" means the source code, object code, documentation, interfaces,
specifications, and all associated materials distributed under this License by
the Licensor.

"Effective Date" means 8 December 2025.

"Change Date" means 8 December 2055.

"Competing Network" means any blockchain, distributed ledger, rollup, Layer 1,
Layer 2, or substantially similar protocol that implements, derives from, or
replicates the Licensed Work or its consensus, state transition, security model
or any other feature, other than the network governed or authorized by the
Licensor.

"Hosted Service" means providing the Licensed Work, or any derivative, to third
parties as a publicly available service, node, validator, sequencer, relayer,
API, RPC endpoint, or analogous infrastructure.

================================================================================
2. License Grant
================================================================================

Subject to compliance with this License, the Licensor grants you a
non-exclusive, worldwide, non-transferable, non-sublicensable, royalty-free,
source-available license to:

  (a) access, view, and internally use the Licensed Work for research, audit,
      security review, and development purposes;

  (b) create internal modifications and internal derivative works; and

  (c) reproduce the Licensed Work for internal testing and evaluation.

No other rights are granted until the Change Date.

================================================================================
3. Use Restrictions
================================================================================

Before the Change Date, you MAY NOT, directly or indirectly:

  (1) deploy, operate, launch, or maintain any blockchain, distributed ledger,
      rollup, L1, L2, bridging protocol, or network infrastructure using the
      Licensed Work or any derivative;

  (2) offer the Licensed Work or any derivative as a Hosted Service;

  (3) use the Licensed Work to create, operate, or support a Competing Network;

  (4) commercialize, sell, license, rent, or provide the Licensed Work or any
      derivative to third parties;

  (5) remove or alter any copyright notices, attributions, or license headers
      contained in the Licensed Work; or

  (6) circumvent, disable, or interfere with governance, economic, or technical
      controls related to the Licensed Work or the protocol governed by the
      Licensor.

Any prohibited use terminates this License automatically.

================================================================================
4. No Trademark Rights
================================================================================

This License does not grant any right to use Licensor's trademarks, service
marks, trade names, or branding, including "Stable", "Stable Foundation", or
"Stable.xyz".

================================================================================
5. Defensive Termination
================================================================================

All rights granted to you under this License terminate immediately if you
initiate or participate in any claim alleging that the Licensed Work infringes
any intellectual property right, or if you fork, clone, replicate, or attempt
to deploy a Competing Network using the Licensed Work or any derivative.

================================================================================
6. Automatic Relicensing on the Change Date
================================================================================

On and after 8 December 2055, the Licensed Work is automatically and
irrevocably licensed under the Apache License 2.0, without any further action
from the Licensor.

From that date forward:

  (a) this License ceases to apply (except for violations occurring before the
      Change Date); and

  (b) all copies or distributions of the Licensed Work must include a notice
      referencing the transition to Apache 2.0 and a link to:
      https://www.apache.org/licenses/LICENSE-2.0

================================================================================
7. No Warranty
================================================================================

THE LICENSED WORK IS PROVIDED "AS IS" AND WITHOUT WARRANTY OF ANY KIND, EXPRESS
OR IMPLIED.

THE LICENSOR DISCLAIMS ALL WARRANTIES, INCLUDING MERCHANTABILITY, FITNESS FOR A
PARTICULAR PURPOSE, NON-INFRINGEMENT, AND ANY WARRANTY ARISING FROM COURSE OF
DEALING OR USAGE OF TRADE.

================================================================================
8. Limitation of Liability
================================================================================

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE LICENSOR SHALL NOT BE
LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, CONSEQUENTIAL, OR
PUNITIVE DAMAGES, NOR ANY LOSS OF PROFITS, REVENUE, DATA, OR BUSINESS
OPPORTUNITY, WHETHER IN CONTRACT, TORT, OR OTHERWISE.

================================================================================
9. Governing Law and Jurisdiction
================================================================================

This License is governed by, and construed in accordance with, the laws of the
Cayman Islands.

Any dispute arising out of or relating to this License shall be subject to the
exclusive jurisdiction of the courts of the Cayman Islands.

The Licensor enters into this License in its capacity as a Cayman foundation
company and not in the capacity of a trustee.

Recourse shall be limited to the assets of the Licensor.

================================================================================
10. Acceptance
================================================================================

By accessing, copying, modifying, or using the Licensed Work, you agree to be
bound by the terms of this License.

================================================================================