Stable, a new Layer 1 blockchain focused exclusively on Tether’s USDT, has raised $28 million in a seed funding round co-led by Bitfinex and Hack VC. The round includes participation from top-tier investors like Franklin Templeton, Mirana, eGirl Capital, Castle Island Ventures, and Susquehanna International Group.
The project aims to deliver a stablecoin-native blockchain, dubbed a “stablechain,” designed to solve the long-standing issues of using stablecoins like USDT on general-purpose networks such as Ethereum or Solana.
Key Goal: Create a zero-gas-fee, high-throughput blockchain with USDT as the gas token, specifically optimized for real-world payments and remittances.
Institutional Momentum Behind Stable
According to founder and CEO Joshua Harding, the round was structured as a combination of SAFE agreements and token warrants, with Bitfinex serving as both an investor and incubator. Tether CEO Paolo Ardoino, who is also the CTO of Bitfinex, played a pivotal advisory role from inception.
“The U.S. is now embracing clear rules for stablecoins,” said Ardoino, referring to the recently passed GENIUS Act, which offers regulatory clarity for digital payments and encourages banks to build infrastructure around stablecoins.
Why Build a Blockchain for Stablecoins?
Harding criticized general-purpose blockchains for being built around programmability, not payments. He highlighted the inefficiencies users face—high gas fees, long confirmation times, and reliance on centralized bridges—when trying to move stablecoins like USDT on networks like Ethereum.
“Stable is built from the ground up for stablecoins—free transfers, guaranteed finality, and no volatile gas tokens,” Harding explained.
USDT to Power the Stable Network
In a significant departure from most blockchains, Stable will use USDT as its native gas token, eliminating the need to hold or spend ETH, SOL, or other volatile assets for fees. This makes the platform more accessible and user-friendly, especially for global payments and remittance use cases.
Future Outlook
Stable’s $28 million fundraise signals growing momentum in infrastructure tailored for stablecoins, particularly USDT, which remains the largest stablecoin by market cap. The project is well-positioned to ride the wave of institutional interest as regulatory clarity and technological specialization converge.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.