So can the chocobo go any faster? finally got one.
I see a st bar, but I have no clue how to deplete it.
Yes. There are specific Greens you can feed it during Camps to increase their skills, like stamina, speed, gliding, etc. Also they level up the more you ride them, and can even help you in battle (You can also fight while riding them).
Press the square button to sprint.