Stable, developer of a new blockchain built around Tether’s USDT, said it raised $28 million in a seed round led by Bitfinex and Hack VC.
Other backers include Franklin Templeton, Castle Island Ventures and KuCoin Ventures, alongside angel investors like Tether CEO Paolo Ardoino and Braintree founder Bryan Johnson.
The Stable blockchain, described as a “stablechain,” aims to turn USDT into the foundation for digital payments around the world by offering fast settlement, low fees and a stable unit of account in one package.
The raise follows the GENIUS Act, which sets up a regulatory framework for stablecoins like USDT, being signed into law.
“Payments infrastructure around the world needs an overhaul, and traditional methods have failed to achieve fast, reliable and secure digital payments despite massive demand from consumers across the globe,” Stable CEO Joshua Harding said in a statement. “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’s roadmap unfolds in three phases this year. Phase one makes USDT the gas token and implements sub-second block times. Phase two will introduce blockspace guarantees for enterprise-grade payments, and phase three will focus on developer tools and performance upgrades, according to the release.
The project isn’t alone in focusing on stablecoins. Just this week, stablecoin-focused network Plasma raised $373 million in an oversubscribed token sale. The network offers fee-free stablecoin transfers.
The stablecoin industry has grown exponentially over the last few years to now have a $273 billion market capitalization. It’s largely dominated by U.S. dollar stablecoins such as Tether’s USDT and Circle’s USDC.
