How to participate in the Stable second round of pre-deposit activities

Author: CoinW Research Institute
Stablecoins serve as a bridge connecting traditional finance and the crypto world, playing a crucial role in DeFi lending, trading markets, and cross-border payments. As the market matures and regulations evolve, stablecoins are transitioning from "single assets" to underlying networks. Emerging stablecoin public chains are designed with stablecoins as their native assets and ecological core, enhancing issuance, circulation, and payment efficiency through underlying architecture, while focusing on compliance and traceability in payment scenarios. The recent launch of Plasma attracted market attention, and the upcoming introduction of Stable, supported by Tether, reignites discussions in the sector.

Project Introduction

Stable is a new public chain designed with stablecoins at its core, supported by the Tether team. Stable aims to make stablecoins themselves the driving force of the network. USDT is no longer just an on-chain asset but serves as the native fuel and settlement medium of the chain. Users can transfer, pay, or interact with contracts on Stable without needing to purchase additional tokens for transaction fees; USDT itself can complete the entire transaction process. This makes Stable more like a "stablecoin-driven payment chain" rather than a traditional general-purpose public chain.
Stable's goal is to build an efficient, secure, and compliant stablecoin settlement network for global institutions and enterprise users, supporting various application scenarios such as cross-border transfers, merchant payments, and corporate settlements. It hopes to make stablecoins not only a store of value in the market but also a digital currency that can circulate in daily financial activities.
In terms of technical architecture, Stable adopts an Ethereum-compatible EVM system, allowing developers to directly deploy or migrate smart contracts, laying the foundation for quickly building a stablecoin-native ecosystem. At the same time, Stable has also integrated a simplified account system, enabling users to pay transaction fees directly with USDT, achieving a seamless experience of "account as wallet," making the entire payment process as simple as using a bank card or Alipay.
To better integrate stablecoins into the real economy, Stable also plans to incorporate fiat on/off-ramp functionality, allowing users to conveniently exchange between on-chain assets and fiat currencies, bridging the gap between digital currencies and traditional finance. The system also features a traceable payment mechanism, ensuring that the transaction process is transparent and verifiable, which is crucial for institutions, merchants, and regulators. To balance privacy and security, Stable provides certain options for transaction privacy protection, such as hiding sensitive information during corporate bulk transfers, thus achieving a balance between compliance and privacy.
Stable focuses on "making stablecoins truly cash on-chain." Through a compliant, secure, and scalable architecture, it tightly integrates payments, settlements, and financial applications, aiming to become a key infrastructure connecting the on-chain and real worlds.

Market Dynamics

Stable Pre-deposit Activity - Phase 1
In October 2025, Stable launched its first phase of the pre-deposit activity, aimed at accumulating early liquidity and locking in core users for the upcoming public chain. Participants can gain priority for future native tokens or ecological incentives by depositing USDT into the officially designated contract address. The deposit cap for this phase is set at approximately $825 million (USDT), and the activity was quickly completed upon announcement, reaching its fundraising goal in less than ten minutes. On-chain data shows that the number of participants was limited, with only about 274 addresses, and deposits were highly concentrated, with the top 10 addresses accounting for over 60% of the total. This activity reflects the market's attention and enthusiasm for the Stable sector, while also exposing the risks associated with the concentration of large funds in the early stages.
Stable Pre-deposit Activity - Phase 2
To optimize fairness and reduce the risks of large users dominating, Stable subsequently announced that in Phase 2 of the pre-deposit activity, it would introduce "deposit limits per wallet" and "identity verification requirements," allowing more ordinary users to participate. Similar to the first phase, users need to deposit stablecoins into the official contract or treasury within the designated time window and follow the rules to obtain future tokens and ecological incentives. On October 31, 2025, Stable announced on social media that the second phase of the pre-deposit activity was open, and users who completed mainnet registration within the next 48 hours would qualify to participate in the second phase. Their official social media platform indicated that the activity would commence next week.

Team Background

The Stable team consists of professionals with backgrounds in finance, blockchain, and payment infrastructure, working together to promote the construction of a dedicated public chain centered around USDT. ++Official website disclosure++ includes:

• Brian Mehler -- CEO: With 15 years of experience in finance and blockchain, he previously served as CFO at Gateway Capital and managed a $1 billion blockchain fund at Block.one, supporting projects like Galaxy Digital and Mythical Games.
• Sam Kazemian -- CTO: Focused on scalable financial protocols and stablecoin payment technologies, he founded Frax and co-founded the blockchain encyclopedia IQ.wiki, leading the technical innovation and development of Stable.
• Thibault Reichelt -- COO: With experience in venture capital and global operations, he has invested in projects like Compound, dYdX, and Circle, responsible for Stable's operations, cross-border cooperation, and ecological expansion.
• Paolo Ardoino (Advisor/Tether CEO): As the leader of Tether, Ardoino serves as a project advisor, providing strategic support for Stable at the stablecoin level.

In terms of capital, Stable has completed approximately $28 million in seed round financing, with investors including crypto exchanges, blockchain infrastructure investment firms, and traditional financial companies. Leading investors include Bitfinex and Hack VC, with other participants such as Franklin Templeton, Castle Island Ventures, KuCoin Ventures, and BTSE.

Competitive Landscape

As a dedicated Layer 1 public chain track centered around stablecoins, the stablecoin public chain market is gradually forming its landscape. Currently, Stable's core competitors include projects like Plasma, Arc, and Tempo. Plasma has launched, and its native token XPL received a strong market response at the beginning, but the price has experienced significant fluctuations, reflecting the capital market's keen interest in stablecoin infrastructure while reminding investors of the volatility and uncertainty in early projects. Arc is supported by Circle, the issuer of USDC, emphasizing multi-stablecoin compatibility and institutional-level services; Tempo is backed by Stripe, focusing on payment scenarios and merchant experiences. Compared to these projects, Stable's distinguishing feature is its direct use of USDT as the native settlement medium, integrating payment infrastructure and compliance systems, targeting the stablecoin settlement needs of institutional and enterprise users.
At the same time, the track's development faces multiple challenges. First, the difficulty of ecological implementation is significant; to truly attract merchants, enterprises, and institutional users, stablecoin payment applications, cross-border settlements, and compliance mechanisms must be fully realized. Second, competition is intensifying; with the entry of projects like Plasma, Arc, and Tempo, differentiation and first-mover advantages become key factors. Third, compliance and regulatory pressures cannot be ignored; stablecoins themselves are a global regulatory focus, and if the public chain is viewed as financial infrastructure, its operations may be subject to strict scrutiny. Finally, whether the project can convert market enthusiasm into real usage and business traffic will directly determine its long-term value.
From a prospective view, the stablecoin public chain track still holds immense potential. As the global issuance scale of stablecoins continues to expand, cross-border payment demands grow, and traditional financial institutions show increased interest in on-chain settlements, such dedicated public chains are expected to become an important part of financial infrastructure. For Stable, if it can quickly implement institutional cooperation, establish payment scenarios, and build compliance mechanisms, it will have the opportunity to stand out in this emerging track, driving the practical application of stablecoins from crypto assets to daily payments and global settlements. In the coming years, this track may see a few chains dominate the market in an "oligopolistic competition" pattern, and Stable's ability to integrate technology and strategic positioning will be key factors in whether it can become a leader.