Stable tonight TGE, does the stablecoin public chain narrative still resonate in the market?

The Stable mainnet will go live tonight as a Layer 1 blockchain supported by Bitfinex and Tether, focusing on stablecoin infrastructure. Polymarket data shows that the market bets an 85% probability that its FDV will exceed 2 billion USD the day after launch. (Background: This is the first official statement from China regarding stablecoins, marking the end of the gray fantasy era for StableCoin) (Additional context: Stable public chain deposit rules have been revised! Over 500 million USD "rewards distributed proportionally" angered the community) Polymarket data indicates that the market bets on an 85% probability that its FDV will exceed 2 billion USD the day after launch. At 21:00 Taiwan time on December 8, the Stable mainnet will officially launch. Stable, as a Layer 1 blockchain supported by Bitfinex and Tether, focuses on stablecoin infrastructure. Its core design aims to use USDT as the native gas fee, achieving sub-second settlement and gas-free peer-to-peer transfers. Before the publication deadline, exchanges including Bitget, Backpack, and Bybit have announced they will list STABLE spot trading. However, Binance, Coinbase, and Korean exchanges have not yet announced the listing of STABLE spot trading. The total supply is 100 billion, and tokens do not incur gas fees. The project team has released a whitepaper and tokenomics details before the mainnet launch. Its native token STABLE has a total supply of 100 billion tokens, which remains fixed. Transactions, payments, and trading on the Stable network are settled in USDT, so STABLE does not incur gas fees, but is used to coordinate the incentive mechanism between developers and ecosystem participants. The STABLE token distribution is as follows: Genesis Distribution accounts for 10% of the total supply, supporting liquidity, community activation, ecosystem activities, and strategic distribution efforts at the initial launch. The Genesis distribution portion will be fully unlocked at the launch of the mainnet. The ecosystem and community account for 40% of the total supply, allocated for developer funding, liquidity programs, partnerships, community programs, and ecosystem development; the team accounts for 25% of the total supply, allocated to the founding team, engineers, researchers, and contributors; investors and advisors account for 25% of the total supply, allocated to strategic investors and advisors supporting network development, infrastructure building, and promotion. The team and investor shares are subject to a one-year cliff period, meaning no unlocking for the first 12 months, followed by linear release. The ecosystem and community fund shares are unlocked at 8% from the start, with the remaining portion gradually released through linear vesting, used to incentivize developers, partners, and user growth. Stable utilizes its StableBFT consensus protocol, adopting a DPoS (Delegated Proof of Stake) model. This design supports high throughput settlement while maintaining the economic security characteristics required for a global payment network. Staking STABLE tokens is the mechanism for validators and delegators to participate in consensus and earn rewards. The main roles of the STABLE token are governance and staking: holders can stake tokens to become validators, participate in maintaining network security, and influence protocol upgrades through DAO voting, such as adjusting fee rates or introducing new stablecoin support. Additionally, STABLE can be used for ecosystem incentives, such as liquidity mining or cross-chain bridging rewards. The project team claims that this separated design can attract institutional funds because the stability of USDT is far superior to volatile governance tokens. Deposit controversy: mouse warehouses, KYC hiccups Just like Plasma, Stable opened two rounds of deposits before the mainnet launch. The first phase of deposits started at the end of October with a cap of 825 million USD, which filled up within minutes of the announcement. The community questioned whether some players had mouse warehouses. The top-ranked wallet deposited hundreds of millions of USDT 23 minutes before the deposit opened. The project team did not respond directly and opened the second phase of deposits on November 6, with a cap of 500 million USD. However, Stable still underestimated the market's enthusiasm for deposits. The moment the second phase opened, a huge influx of traffic caused its website to slow down. Therefore, Stable updated the rules, allowing users to deposit through the Hourglass frontend or directly on-chain; the deposit function reopened for another 24 hours, with a maximum deposit of 1 million USD per wallet, while the minimum deposit remained at 1000 USD. Ultimately, the total deposits for the second phase amounted to approximately 1.8 billion USD, with around 26,000 participating wallets. The review time varied from a few days to a week, and some community users complained about system slowdowns or repeated requests for additional materials. The probability of a 2 billion FDV is over 85%. At the end of July this year, Stable announced the completion of a 28 million USD seed round funding, led by Bitfinex and Hack VC, bringing its market valuation to around 300 million USD. In comparison, Plasma's market cap is currently 330 million USD, with an FDV of 1.675 billion USD. Some optimists believe that the stablecoin narrative, Bitfinex endorsement, and Plasma's rise and fall may mean that there will still be some heat and potential for price increases in the near term. However, the pessimistic voices are stronger: non-STABLE gas payments have limited utility, especially as the market has entered a bear market, liquidity has become tight, and its price could drop rapidly. Currently, Polymarket data shows that the market bets on an 85% probability that its FDV will exceed 2 billion USD on the first day of launch. Based on a conservative estimate of 2 billion USD, the STABLE token price corresponds to 0.02 USD. In the perpetual contract market, according to Bitget quotes, STABLE/USDT is currently priced at 0.032 USD, indicating that its FDV is expected to rise to around 3 billion USD. The first phase of deposits reached 825 million USD, with the second phase contributing over 1.1 billion USD, but due to proportional allocation, only 500 million USD actually entered the pool. The total deposit scale is 1.325 billion USD. The tokenomics disclosed that the initial allocation is 10% (used for deposit activity incentives, exchange activities, initial on-chain liquidity, etc.), assuming Stable ultimately airdrops 3%-7% of the deposit, based on a pre-market price of 0.032 USD, the corresponding yield is about 7% to 16.9%, meaning that every 10,000 USD deposit corresponds to 700 USD to 1690 USD. Related reports: Nobel Prize-winning economist warns: Trump trades are failing, Bitcoin's plunge is the reason. After Trump pardoned CZ, Binance was sued again: the lawsuit claims 1 billion USD funded Hamas terrorism. 3,200 members of the Bitcoin community petitioned for Trump to pardon Samourai: the wallet developers are neutral and should not be treated as money laundering. "Stable tonight TGE, does the stablecoin public chain narrative still resonate in the market?" This article was first published on BlockTempo (the most influential blockchain news media).