Stable Raises $28M Seed to Expand USDT Utility via New Stablecoin-Focused Blockchain

A Tether-focused Layer 1 blockchain project has secured $28 million in seed funding to drive USDT adoption and optimize its utility across onchain payments and decentralized finance (DeFi) applications [1]. The funding round was co-led by Bitfinex and Hack VC, with participation from major institutional investors such as Franklin Templeton, eGirl Capital, Mirana, and Castle Island Ventures. Angel investors include Bryan Johnson of Braintree and Divesh Makan of Iconiq Capital. Bitfinex, which has been an early backer and incubator of the project, remains closely involved [1].

The project, called Stable, is developing a “stablechain”—a blockchain specifically designed for stablecoins. According to its founder and CEO, Joshua Harding, general-purpose blockchains are not optimized for stablecoin transactions, often leading to high fees, slow confirmations, and reliance on centralized services. Stable aims to address these issues by using USDT as the native gas token, enabling low-fee, high-throughput transactions with guaranteed finality [1]. Every transfer on the network will settle in U.S. dollars, making it more user-friendly for real-world payments and remittances.

The timing of the seed round aligns with recent regulatory developments in the U.S., including the passage of the GENIUS Act, which aims to provide clarity and guidelines for stablecoin usage and digital payments infrastructure [2]. Paolo Ardoino, CEO of Tether and CTO of Bitfinex, emphasized that the U.S. is shifting toward a more supportive regulatory framework, allowing institutions to fully leverage stablecoins like USDT for mainstream adoption [1].

Harding explained that the project’s roadmap includes a phased rollout, with Phase 1 already in progress and featuring USDT as native gas, fast block times, and foundational infrastructure. Phase 2, expected later this year, will introduce a USDT aggregator and guaranteed blockspace. The mainnet launch is anticipated in late 2025 or early 2026 [1].

Despite the significant backing, the project will need to demonstrate clear technical and functional advantages over existing solutions to justify the investment and maintain momentum. Challenges such as interoperability, user experience, and competition from other stablecoin-focused chains like Plasma and Noble remain. However, the integration of USDT—Tether’s most widely used stablecoin—positions Stable to leverage existing liquidity and network effects, potentially streamlining cross-chain transactions and expanding stablecoin usage in emerging markets [1].

Source:

[1] Tether-focused Layer 1 Stable raises $28 million seed round to boost USDT adoption (https://www.theblock.co/post/364952/tether-focused-layer-1-stable-raises-28-million-seed-round-to-boost-usdt-adoption)

[2] GENIUS Act, Stablecoins, Web3 And Investing In The (https://seekingalpha.com/article/4805347-genius-act-stablecoins-web3-investing-intelligence-economy)