How to participate in Stable's second round of pre-deposit activities

Stablecoins serve as a bridge between traditional finance and the crypto world, playing a crucial role in DeFi lending, trading markets, and cross-border payments. As the market matures and regulations evolve, stablecoins are transforming from "single assets" into underlying networks. Emerging stablecoin public chains use stablecoins as their native asset and core ecosystem, improving the efficiency of issuance, circulation, and payment through their underlying architecture, while emphasizing compliance and traceability in payment scenarios. The previous launch of Plasma attracted market attention, and the upcoming launch of Stable, backed by Tether, has reignited discussions in the field.

Project Overview

Stable is a new type of public blockchain designed around stablecoins, developed with support from the Tether team. Stable aims to make stablecoins themselves the core driving force of the network. USDT is no longer just an on-chain asset, but rather the chain's native fuel and settlement medium. When users transfer funds, make payments, or interact with contracts on Stable, they do not need to purchase additional tokens to pay transaction fees; USDT itself can complete the entire transaction process. This makes Stable more like a "stablecoin-driven payment chain" than a traditional general-purpose public blockchain.

Stable's goal is to build an efficient, secure, and compliant stablecoin settlement network for global institutional and corporate users, supporting various application scenarios such as cross-border transfers, merchant payments, and corporate clearing. It aims to make stablecoins not only a store of value in the market, but also a truly usable digital currency in everyday financial activities.

In terms of technical architecture, Stable adopts an Ethereum-compatible EVM system, allowing developers to directly deploy or migrate smart contracts. This design lays the foundation for Stable to quickly build a native stablecoin ecosystem. At the same time, Stable also features a simplified account system, enabling users to directly pay transaction fees with USDT, achieving a seamless "account as wallet" experience. The entire payment process is as simple as using a bank card or Alipay.

To better integrate stablecoins into the real economy, Stable also plans to integrate on/off-ramp functionality, enabling users to easily exchange fiat currency on-chain and on-chain, bridging the gap between digital currency and traditional finance. The system also features a traceable payment mechanism to ensure transparent and verifiable transactions, which is crucial for institutions, merchants, and regulators. To balance privacy and security, Stable also offers certain transaction privacy protection options, such as hiding sensitive information during bulk corporate transfers, thus striking a balance between compliance and privacy.

Stable focuses on "making stablecoins truly on-chain cash." Through a compliant, secure, and scalable architecture, it tightly integrates payments, clearing, and financial applications, aiming to become a key infrastructure connecting the on-chain and real-world worlds.

Market Dynamics

Stable Pre-deposit Program - Phase 1

In October 2025, Stable launched its first phase of a pre-deposit campaign, aiming to accumulate early liquidity and lock in core users for the upcoming public chain launch. Participants could gain priority access to native tokens or ecosystem incentives upon the future network launch by depositing USDT into the official designated contract address. The deposit cap for this phase was approximately $825 million USDT, and the campaign was completed rapidly upon announcement, reaching its fundraising target in less than ten minutes. On-chain data showed a limited number of participants—only about 274 addresses—and highly concentrated deposits, with the top 10 addresses accounting for over 60% of the total. This campaign reflected both the market's attention and enthusiasm for the Stable platform and exposed the potential risks of large-scale capital concentration in the early stages.

Stable Pre-deposit Program - Phase 2

To optimize fairness and reduce the risk of large-scale user dominance, Stable subsequently announced that Phase 2 of the pre-deposit activity will introduce "deposit limits per wallet" and "identity verification requirements," allowing more ordinary users to participate. Similar to the first phase, users need to deposit stablecoins into the official contract or vault within the officially designated time window and receive future tokens and ecosystem incentives according to the rules. The official media platform stated that the activity will begin next week.

Team Background

The Stable team comprises professionals with backgrounds in finance, blockchain, and payment infrastructure, who are working together to advance the development of a dedicated public blockchain centered around USDT. Information disclosed on the official website is as follows:

• Brian Mehler – CEO: With 15 years of experience in finance and blockchain, he previously served as CFO at Gateway Capital and managed a $1 billion blockchain fund at Block.one, supporting projects such as Galaxy Digital and Mythical Games.
• Sam Kazemian – CTO: Focuses on scalable financial protocols and stablecoin payment technologies. He founded Frax and co-founded the blockchain encyclopedia IQ.wiki. He leads the technological innovation and development of Stable.
• Thibault Reichelt – COO: Possesses venture capital and global operations experience, having invested in projects such as Compound, dYdX, and Circle. Responsible for Stable's operations, cross-border collaborations, and ecosystem expansion.
• Paolo Ardoino (Advisor/Tether CEO) serves as a project advisor to Stable, providing strategic support at the stablecoin level as a leader of Tether.

On the capital front, Stable has completed a seed round of approximately $28 million, with investors including cryptocurrency exchanges, blockchain infrastructure investment firms, and traditional financial companies. Lead investors included Bitfinex and Hack VC, with other participants including Franklin Templeton, Castle Island Ventures, KuCoin Ventures, and BTSE.

Competitive Landscape

Stablecoin public chains, as a dedicated Layer 1 public chain sector centered on stablecoins, are gradually forming a market landscape. Currently, Stable faces key competitors including projects like Plasma, Arc, and Tempo. Plasma has already launched, and its native token, XPL, received a warm market response in its initial launch, but its price experienced significant volatility, demonstrating the capital market's strong interest in stablecoin infrastructure while also reminding investors that early-stage projects still face volatility and uncertainties regarding implementation. Arc is supported by Circle, the issuer of USDC, emphasizing multi-stablecoin compatibility and institutional-grade services; Tempo is backed by Stripe, focusing on payment scenarios and merchant experience. Compared to these projects, Stable's unique feature lies in its direct use of USDT as the native settlement medium, integrating payment infrastructure and compliance systems, targeting the stablecoin settlement needs of institutional and enterprise users.

Meanwhile, the development of this sector also faces multiple challenges. First, ecosystem implementation is difficult; truly attracting merchants, enterprises, and institutional users requires the full implementation of stablecoin payment applications, cross-border settlement, and compliance mechanisms. Second, competition is intensifying; with the entry of projects like Plasma, Arc, and Tempo, differentiation and first-mover advantage have become key factors. Third, compliance and regulatory pressures cannot be ignored; stablecoins themselves are a global regulatory focus, and if a public blockchain is considered financial infrastructure, its operation may be subject to strict scrutiny. Finally, a project's ability to translate market enthusiasm into real-world usage and business traffic will directly determine its long-term value.

From a future perspective, the stablecoin public blockchain sector still holds enormous potential. With the continuous expansion of global stablecoin issuance, increasing demand for cross-border payments, and growing interest from traditional financial institutions in on-chain settlement, these dedicated public blockchains are expected to become an important component of financial infrastructure. For Stable, if it can quickly secure institutional partnerships, implement payment scenarios, and establish compliance mechanisms, it has the opportunity to stand out in this emerging sector, driving the transformation of stablecoins from crypto assets to practical applications in daily payments and global settlements. In the next few years, this sector may see an oligopolistic market structure dominated by a few blockchains, and Stable's technological integration capabilities and strategic positioning will be key factors in whether it can become a leader.