diff --git a/fees/mstable-v2/index.ts b/fees/mstable-v2/index.ts
new file mode 100644
index 0000000000..33ae335374
--- /dev/null
+++ b/fees/mstable-v2/index.ts
@@ -0,0 +1,132 @@
+import { FetchOptions, SimpleAdapter } from "../../adapters/types";
+import { CHAIN } from "../../helpers/chains";
+import { GraphQLClient } from "graphql-request";
+import * as sdk from "@defillama/sdk";
+
+const queryManagerFeeMinteds = `
+query managerFeeMinteds($manager: Bytes!, $startTimestamp: BigInt!, $endTimestamp: BigInt!, $first: Int!, $skip: Int!) {
+  managerFeeMinteds(
+    where: { manager: $manager, managerFee_not: 0, blockTimestamp_gte: $startTimestamp, blockTimestamp_lte: $endTimestamp },
+    first: $first, skip: $skip, orderBy: blockTimestamp, orderDirection: desc
+  ) { managerFee, tokenPriceAtFeeMint, pool, manager, block }
+}`
+
+const queryEntryFeeMinteds = `
+query entryFeeMinteds($manager: Bytes!, $startTimestamp: BigInt!, $endTimestamp: BigInt!, $first: Int!, $skip: Int!) {
+  entryFeeMinteds(
+    where: { managerAddress: $manager, time_gte: $startTimestamp, time_lte: $endTimestamp },
+    first: $first, skip: $skip, orderBy: time, orderDirection: desc
+  ) { entryFeeAmount, tokenPrice }
+}`
+
+const queryExitFeeMinteds = `
+query exitFeeMinteds($manager: Bytes!, $startTimestamp: BigInt!, $endTimestamp: BigInt!, $first: Int!, $skip: Int!) {
+  exitFeeMinteds(
+    where: { managerAddress: $manager, time_gte: $startTimestamp, time_lte: $endTimestamp },
+    first: $first, skip: $skip, orderBy: time, orderDirection: desc
+  ) { exitFeeAmount, tokenPrice }
+}`
+
+const CONFIG: any = {
+  [CHAIN.ETHEREUM]: {
+    endpoint: sdk.graph.modifyEndpoint("HSPZATdnDvYRNPBJm7eSrzkTeRZqhqYvy7c3Ngm9GCTL"),
+    mstableManagerAddress: "0x3dd46846eed8D147841AE162C8425c08BD8E1b41",
+  },
+};
+
+const fetchHistoricalFees = async (chainId: string, query: string, dataField: string, startTimestamp: number, endTimestamp: number) => {
+  const { endpoint, mstableManagerAddress } = CONFIG[chainId];
+
+  let allData: Array<any> = [];
+  let skip = 0;
+  const batchSize = 1000;
+
+  while (true) {
+    try {
+      const data = await new GraphQLClient(endpoint).request(query, {
+        manager: mstableManagerAddress,
+        startTimestamp: startTimestamp.toString(),
+        endTimestamp: endTimestamp.toString(),
+        first: batchSize,
+        skip
+      });
+
+      const entries = data[dataField];
+      if (entries.length === 0) break;
+
+      allData = allData.concat(entries);
+      skip += batchSize;
+
+      if (entries.length < batchSize) break;
+    } catch (e: any) {
+      throw new Error(`Error fetching data for chain ${chainId}: ${e.message}`);
+    }
+  }
+  return allData;
+};
+
+const calculateManagerFees = (dailyFees: any): number =>
+  dailyFees.reduce((acc: number, dailyFeesDto: any) => {
+    const managerFee = Number(dailyFeesDto.managerFee);
+    const tokenPrice = Number(dailyFeesDto.tokenPriceAtFeeMint);
+    const managerFeeFormatted = managerFee / 1e18;
+    const tokenPriceFormatted = tokenPrice / 1e18;
+    const managerFeeUsd = managerFeeFormatted * tokenPriceFormatted;
+    return acc + managerFeeUsd;
+  }, 0);
+
+const calculateEntryFees = (data: any): number =>
+  data.reduce((acc: number, item: any) => {
+    const entryFee = Number(item.entryFeeAmount);
+    const tokenPrice = Number(item.tokenPrice);
+    const entryFeeFormatted = entryFee / 1e18;
+    const tokenPriceFormatted = tokenPrice / 1e18;
+    const result = entryFeeFormatted * tokenPriceFormatted;
+    return acc + result;
+  }, 0);
+
+const calculateExitFees = (data: any): number =>
+  data.reduce((acc: number, item: any) => {
+    const exitFee = Number(item.exitFeeAmount);
+    const tokenPrice = Number(item.tokenPrice);
+    const exitFeeFormatted = exitFee / 1e18;
+    const tokenPriceFormatted = tokenPrice / 1e18;
+    const result = exitFeeFormatted * tokenPriceFormatted;
+    return acc + result;
+  }, 0);
+
+const fetch = async (_1: any, _2: any, options: FetchOptions) => {
+  const config = CONFIG[options.chain];
+  if (!config) throw new Error(`Unsupported chain: ${options.chain}`);
+
+  const dailyManagerFeesEvents = await fetchHistoricalFees(options.chain, queryManagerFeeMinteds, 'managerFeeMinteds', options.startTimestamp, options.endTimestamp);
+  const dailyEntryFeesEvents = await fetchHistoricalFees(options.chain, queryEntryFeeMinteds, 'entryFeeMinteds', options.startTimestamp, options.endTimestamp);
+  const dailyExitFeesEvents = await fetchHistoricalFees(options.chain, queryExitFeeMinteds, 'exitFeeMinteds', options.startTimestamp, options.endTimestamp);
+
+  const managerFees = calculateManagerFees(dailyManagerFeesEvents);
+  const entryFees = calculateEntryFees(dailyEntryFeesEvents);
+  const exitFees = calculateExitFees(dailyExitFeesEvents);
+
+  const dailyFees = managerFees + entryFees + exitFees;
+
+  return {
+    dailyFees,
+    dailyRevenue: dailyFees,
+    dailyProtocolRevenue: dailyFees,
+  };
+}
+
+const methodology = {
+  Fees: 'All fees generated from mStable vaults.',
+  Revenue: 'All revenue collected by the mStable protocol.',
+  ProtocolRevenue: 'All revenue collected by the mStable protocol.',
+}
+
+const adapter: SimpleAdapter = {
+  fetch,
+  methodology,
+  chains: [CHAIN.ETHEREUM],
+  start: '2025-08-12',
+}
+
+export default adapter;