Stable Project: $1.9 Billion in Pre-Deposits in Days – What’s Really Going On?

2025-11-19 06:20:32

Stable, a USDT-native Layer 1 blockchain heavily backed by individuals closely tied to Tether, has completed two large-scale pre-deposit rounds in record time. The first tranche of $825 million was fully subscribed in under 20 minutes, while the second round attracted over $1.1 billion in qualified commitments. The numbers are undeniably impressive, but a closer look reveals a more nuanced picture: high concentration among early institutions and insiders, a very tight timeline between the GENIUS Act passage and the project’s acceleration, and questions about who actually benefits most from this new infrastructure.

What Stable Actually Is

Stable is a purpose-built Layer 1 designed to serve as a high-throughput settlement rail with USDT as its native asset. The stated goal is to provide the stablecoin ecosystem with dedicated blockspace for payments, lending, and institutional use cases, reducing congestion on general-purpose chains and improving capital efficiency for large-scale USDT flows.

The project raised a $28 million seed round earlier in 2025 from undisclosed investors and has now launched a public testnet, with mainnet expected in the coming weeks.

The Pre-Deposit Rounds: Impressive, But Concentrated

First round: $825 million filled in minutes
Second round: $1.1 billion+ in qualified commitments
Combined: ≈ $1.93 billion locked before mainnet

While the speed and size demonstrate strong institutional demand, participation was limited to whitelisted entities. Public reports and on-chain analysis indicate the vast majority of commitments came from a small group of early backers and entities with pre-existing relationships to the team, rather than broad retail or decentralized participation.

Key Points of Discussion

Strong Tether Ties The project is driven by individuals with deep connections to Tether leadership and USDT operations, creating a natural but significant linkage to the world’s largest stablecoin.
Timing with the GENIUS Act The rapid move from legislation to large-scale pre-deposits has raised eyebrows about coordination and early positioning.
Concentration Risk A relatively small number of entities control the bulk of pre-deposit capital, which could influence governance, fee structures, and future liquidity dynamics.
Infrastructure vs. Distribution While the stated mission is to solve real payment-rail problems for stablecoins, the structure appears to disproportionately benefit early, large participants rather than creating a fully open, permissionless system from day one.

Current Status

Stable’s public testnet is live, and mainnet launch is expected in the coming weeks. The project has not yet released full details on public token allocation, governance model, or exact validator requirements.

Bottom Line

Stable has demonstrated undeniable institutional interest and capital-raising ability, but the concentration of pre-deposit capital, tight insider ties, and rapid execution following regulatory changes warrant careful scrutiny. It remains a legitimate infrastructure play with real utility potential, yet the early beneficiary profile leans heavily toward a select group rather than broad community participation at this stage.

As always in crypto, impressive numbers are only part of the story — transparency, distribution, and long-term alignment will determine whether Stable becomes a true public good or another gated ecosystem.

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