Stable – yet another USDT-focused payments blockchain backed by Tether parent company Bitfinex – achieved its $825M pre-deposit vault target within minutes of launch last night. This Stable is notably distinct from Stable, the crypto neobanking platform acquired yesterday by Aave Labs.
What's the Scoop?
Big Time Backing: Stable secured $28M in a seed round co-led by Bitfinex and Hack VC, with participation from Franklin Templeton, Castle Island Ventures, Nascent, and others. Stable intends to launch a "stablecoin-optimized" Layer 1 blockchain that streamlines USDT transactions.
Close Competition: Plasma, another Bitfinex-backed L1 tailor made for stablecoins, has already captured over $4B in TVL since its mainnet beta launch in September. Exactly like Stable, Plasma touts deep ties to Tether's ecosystem and prioritizes for stablecoin transactions.
Suspicious Deposits: Prior to the public announcement of Stable's pre-deposit vault, wallet addresses associated with the contract owner deposited $500M into the vault, filling over 60% of available space in an apparent display of insider trading. In total, only 274 unique wallet addresses participated in the pre-deposit.
Stable welcomes @ConcreteXYZ, @MorphoLabs, @fraxfinance, @pendle_fi, @USDT0_to and @LayerZero_Core as early ecosystem partners.
Phase 1 opens with a $825M deposit cap, led by our trusted partners.
Join the campaign: https://t.co/lZ8ULHXdHN pic.twitter.com/i5uTd5Cq2i— Stable (@stable) October 24, 2025