Tether-Focused Blockchain Stable Raises $28M to Power Stablecoin Payments
Stable, a new blockchain project centered around Tether’s USDT stablecoin, has secured $28 million in seed funding. This round was led by prominent investors Bitfinex and Hack VC, with participation from Franklin Templeton, Castle Island Ventures, KuCoin Ventures, and notable angel investors including Tether CEO Paolo Ardoino and Braintree founder Bryan Johnson.
The Stable blockchain, or “stablechain,” aims to revolutionize global digital payments by leveraging USDT’s stability. Its core proposition is a system offering fast settlement times, low transaction fees, and a reliable unit of account—all crucial elements often lacking in current payment infrastructure. This initiative comes on the heels of the GENIUS Act, a newly enacted US law establishing a regulatory framework for stablecoins, suggesting a growing acceptance and regulatory clarity within the stablecoin sector.
Stable’s CEO, Joshua Harding, highlights the shortcomings of existing payment systems, emphasizing the need for faster, more secure, and reliable digital payment solutions. Stable directly addresses these shortcomings by utilizing the inherent stability of USDT to facilitate instant and seamless transactions.
The company’s roadmap for 2024 is divided into three phases. Phase one will integrate USDT as the gas token and achieve sub-second block times, dramatically improving transaction speeds. Phase two focuses on providing guaranteed blockspace, a critical feature for enterprise-level payments requiring reliable transaction processing. Finally, phase three will concentrate on developing robust developer tools and implementing performance enhancements to further optimize the network.
Stable’s efforts are not isolated within the stablecoin landscape. The recent success of Plasma, a stablecoin-focused network that raised $373 million in an oversubscribed token sale, underscores the considerable interest and investment in this burgeoning sector. Plasma’s focus on fee-free stablecoin transfers further highlights the competitive landscape and the innovation driving the stablecoin industry.
The overall stablecoin market continues its rapid expansion, currently boasting a market capitalization exceeding $273 billion. This market is largely dominated by US dollar-pegged stablecoins such as USDT and USDC, demonstrating the significant role these assets play in the evolving digital finance ecosystem. Stable’s fundraising and ambitious roadmap position it to compete in this rapidly growing and increasingly regulated sector.
