A process for producing a stabilized soy beverage from dehulled-whole soybeans partially hydrolyzed with enzymes. The process generally includes: providing whole soybeans (100); activating endogenous enzymes of the whole soybeans (110), hydrolyzing proteins in the soybeans (120); and hydrolyzing carbohydrates in the soybeans (130) to form a hydrolyzed soy base (140) including proteins and carbohydrates that do not form an observable colloidal phase. A preferred process includes: providing whole soybeans; hydrating the soybeans to activate endogenous enzymes within the soybeans; dehulling the soybeans; hydrolyzing the proteins within the dehulled soybean cotyledons by incubating the cotyledons at elevated temperatures; gelatinizing the incubated cotyledons to induce coagulation of the soybean polysaccharides; milling the gelatinized cotyledons into a slurry; hydrolyzing the polysaccharides of the cotyledons with the aid of added cellulose and/or hemicellulase to form a hydrolyzed soy base; deodorizing the slurry; mixing sweeteners, flavoring, and solubilization aids with the hydrolyzed soy base; homogenizing the hydrolyzed soy base; and heat treating the hydrolyzed soy base to form a soy beverage.