The seed funding round, led by Bitfinex and Hack VC, will allow Stable to build the financial rails to facilitate the real-world usage of USDT, aiming to address the associated issues with its operation on other blockchains that are not designed around it.
Stable Raises $28M to Build the Native USDT Blockchain
Stable, a USDT-centric project that came out of stealth in July, has secured its first big investment to bring a real-world catered blockchain project centered around Tether’s stablecoin to life.
The initiative scored $28 million in its seed round, co-led by Bitfinex and Hack VC, with participation from other financial actors, including Franklin Templeton, Castle Island Ventures, egirl Capital, Bybit Mirana, Susquehanna International Group, Nascent, Blue Pool Capital, BTSE, and Kucoin Ventures.
Stable’s raison d’être is to ease the use of stablecoins, which have taken the world by storm, becoming one of the main crypto products this year. For Stable, sending stablecoins is still harder than it should be, with users having to deal with challenges derived from using blockchains that have not been designed with them in mind.
Joshua Harding, co-founder and CEO of Stable, believes that traditional payment methods need an overhaul. With the recent approval of the GENIUS Act, there is an opportunity to address the current drawbacks and scale up stablecoin adoption.
He stated:
Stable was developed to take advantage of the potential behind stablecoins like USDT to offer instant and seamless payments, directly addressing problems with current payment rails.
Stable has a potential market opportunity to offer 350 million USDT users a better way to use stablecoins with its gasless transaction proposal, sub-second finality, high throughput for fast settlement times, and EVM compatibility to take advantage of existing developments.
While the project is primarily designed for retail, in its second phase, it will also tackle institutional adoption, bringing guaranteed blockspace to companies seeking to ensure performance in their operations.
Paolo Ardoino, CEO of Tether and CTO of Bitfinex, declared:
Major financial institutions and banks will be able to fully unleash the power behind assets like USDT, something the Stable team fundamentally understands and is exceptionally poised to capitalize on.
