Low-risk opportunity: How to participate in the second round of Stable pre-deposit activity?

Stablecoins serve as a bridge connecting traditional finance with the crypto world, playing a vital role in DeFi lending, trading markets, and cross-border payments. As the market matures and regulations evolve, stablecoins are transitioning from being solely single assets to becoming the underlying network. Emerging stablecoin blockchains utilize stablecoins as native assets and core to their ecosystems, enhancing issuance, circulation, and payment efficiency through their underlying architecture, while emphasizing compliance and traceability in payment scenarios. Previously, the launch of Plasma drew market attention, and recently, the stablecoin supported by Tether, Stable, is set to debut, reigniting discussions in the sector.

Project Overview

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

The goal of Stable is to build an efficient, secure, and compliant stablecoin settlement network that caters to global institutional and enterprise users, supporting use cases such as cross-border transfers, merchant payments, and corporate clearing. It aspires to make stablecoins not only a store of value in the market but also a truly circulating digital currency for daily financial activities.

Technologically, Stable adopts an Ethereum-compatible EVM architecture, allowing developers to deploy or migrate smart contracts directly. This design lays the foundation for rapidly building a stablecoin-native ecosystem. Additionally, Stable features a simplified account system, enabling users to pay transaction fees directly with USDT, creating a seamless “account-as-wallet” experience, making the entire payment process as straightforward as using a bank card or Alipay.

To better integrate stablecoins into the real economy, Stable also plans to incorporate fiat on/off-ramps, facilitating easy exchange between on-chain assets and fiat currency, thus bridging digital currencies and traditional finance. The system also includes traceable payment mechanisms to ensure transparency and verifiability, which are crucial for institutions, merchants, and regulators. To balance privacy and security, Stable offers options for transaction privacy, such as hiding sensitive information during bulk enterprise transfers, achieving a balance between compliance and privacy.

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

Market Trends

Stable Pre-deposit Campaign – Phase 1

In October 2025, Stable launched the first phase of its pre-deposit campaign to accumulate early liquidity for the upcoming public chain and lock in core users. Participants could deposit USDT into a designated official contract address to gain priority for future native tokens or ecosystem incentives upon network launch. The deposit cap was set at approximately $825 million (USDT). The campaign was announced and completed rapidly, reaching the fundraising goal in less than ten minutes. On-chain data shows limited participation, with about 274 addresses involved, and deposits heavily concentrated— the top 10 addresses accounted for over 60% of total deposits. This activity reflects strong market interest and enthusiasm for the Stable sector but also highlights potential risks associated with large early-stage fund concentration.

Stable Pre-deposit Campaign – Phase 2

To improve fairness and reduce risks from large user dominance, Stable announced that Phase 2 of the pre-deposit campaign would introduce “per-wallet deposit limits” and “identity verification requirements,” allowing more ordinary users to participate. Similar to Phase 1, users need to deposit stablecoins into the official contract or treasury within designated windows and follow rules to earn future tokens and ecosystem incentives. On October 31, 2025, Stable announced on social media that Phase 2 pre-deposit campaign is now open, and users who complete mainnet registration within the next 48 hours are eligible to participate.

Users can participate through the official registration page:

Team Background

The Stable team comprises professionals with backgrounds in finance, blockchain, and payment infrastructure, working together to develop a dedicated public chain centered on USDT. Official disclosures include:

• Brian Mehler – CEO: 15 years of experience in finance and blockchain, former CFO at Gateway Capital, managed a $1 billion blockchain fund at Block.one, supporting projects like Galaxy Digital and Mythical Games.
• Sam Kazemian – CTO: Focused on scalable financial protocols and stablecoin payment technology, founder of Frax, co-founder of blockchain encyclopedia IQ.wiki, leading Stable’s technical innovation and development.
• Thibault Reichelt – COO: Experienced in venture capital and global operations, invested in projects like Compound, dYdX, Circle, responsible for Stable’s operations, cross-border collaborations, and ecosystem expansion.
• Paolo Ardoino (Advisor / Tether CEO): As Tether’s leader, Ardoino serves as a project advisor, providing strategic support on stablecoin aspects.

In terms of funding, Stable has completed approximately $28 million in seed funding from investors including crypto exchanges, blockchain infrastructure funds, and traditional financial firms. Lead investors include Bitfinex and Hack VC, with other participants such as Franklin Templeton, Castle Island Ventures, KuCoin Ventures, and BTSE.

Competitive Landscape

As a dedicated Layer 1 public chain focused on stablecoins, the stablecoin blockchain sector is gradually forming a market landscape. Currently, key competitors include Plasma, Arc, and Tempo. Plasma has launched, and its native token XPL initially received strong market reactions, but experienced significant price fluctuations, indicating strong investor interest in stablecoin infrastructure while also highlighting early project volatility and uncertainty. Arc, supported by USDC issuer Circle, emphasizes multi-stablecoin compatibility and institutional-grade services; Tempo, backed by Stripe, focuses on payment scenarios and merchant experience. Compared to these projects, Stable’s unique features include directly using USDT as the native settlement medium and integrating payment infrastructure with compliance systems, targeting institutional and enterprise stablecoin settlement needs.

The sector also faces multiple challenges. First, ecosystem deployment is difficult; to truly attract merchants, enterprises, and institutions, comprehensive stablecoin payment applications, cross-border settlement, and compliance mechanisms must be implemented. Second, competition intensifies as Plasma, Arc, Tempo, and others enter the space; differentiation and first-mover advantages are critical. Third, compliance and regulatory pressures are significant, as stablecoins are a global regulatory focus; if a public chain is viewed as financial infrastructure, it may face strict scrutiny. Lastly, whether projects can convert market enthusiasm into actual usage and business traffic will determine their long-term value.

Looking ahead, the stablecoin public chain sector still holds enormous potential. As global stablecoin issuance continues to grow, cross-border payment demands increase, and traditional financial institutions show more interest in on-chain settlement, these dedicated public chains could become vital financial infrastructure components. For Stable, rapid implementation of institutional partnerships, payment scenario deployment, and compliance infrastructure will be key to standing out in this emerging sector, helping to transform stablecoins from crypto assets into everyday payment and global settlement tools. In the coming years, a few dominant chains may emerge in a “oligopoly” market structure, and Stable’s technological integration and strategic positioning will be crucial to becoming a leader.