Stable Raises $28 Million for Tether-Focused Blockchain Development
Stable has raised $28 million in a seed round led by Bitfinex and Hack VC, with additional support from investors like Franklin Templeton and KuCoin Ventures.
The new blockchain, termed "stablechain," aims to enhance digital payments globally using Tether's USDT. Key features include fast settlement, low fees, and a stable unit of account.
This funding follows the signing of the GENIUS Act, establishing a regulatory framework for stablecoins including USDT.
Stable CEO Joshua Harding stated that current payment infrastructures are insufficient for modern demands, emphasizing the need for improvements through stablecoin capabilities.
Stable's development roadmap includes:
- Phase one: USDT as the gas token with sub-second block times
- Phase two: Blockspace guarantees for enterprise payments
- Phase three: Developer tools and performance enhancements
In related news, Plasma, another stablecoin-focused network, raised $373 million in a recent token sale, highlighting ongoing interest in this sector. The stablecoin market now has a capitalization of $273 billion, primarily driven by USDT and USDC.