Stable Raises $28 Million Seed Round to Boost USDT Adoption

Tether-Focused Blockchain Project Secures Funding

A Tether-focused Layer 1 blockchain project, Stable, has successfully raised $28 million in a seed funding round to enhance the adoption and utility of the USDT stablecoin. The project aims to address the inefficiencies associated with using stablecoins on general-purpose blockchains by offering optimized solutions for stablecoin transactions.

Key Players in the Funding Round

The funding round was co-led by Bitfinex and Hack VC, with participation from Franklin Templeton, eGirl Capital, Mirana, Castle Island Ventures, Susquehanna International Group, Nascent, and Blue Pool Capital. Notable angel investors and advisors include Bryan Johnson of Braintree and Divesh Makan of Iconiq Capital. Bitfinex, an early supporter of the project, played a significant role in incubating Stable since its inception.

US Regulatory Clarity and Stablecoin Development

The fundraising efforts come on the heels of the recent GENIUS Act in the U.S., which aims to provide regulatory clarity for stablecoins and foster the development of digital payments infrastructure. Paolo Ardoino, CEO of Tether and CTO of Bitfinex, highlighted the shift in the U.S. regulatory approach towards offering clear guidelines for institutions, enabling them to leverage assets like USDT.

Stable's Development Roadmap and Future Plans

Stable's development roadmap includes a phased launch strategy, with Phase 1 already underway, showcasing USDT as the native gas token and sub-second block times. Subsequent phases will introduce features like a USDT aggregator, guaranteed blockspace, developer tools, and ecosystem growth. The mainnet launch is anticipated for late Q3 or early Q4 of 2025.