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'Stable' Blockchain Pre-Deposit Vault Hits $825M Cap in Minutes
A series of large deposits prior to the vault's announcement is raising eyebrows.
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Stable – yet another USDT-focused payments blockchain backed by Tether parent company Bitfinex – achieved its $825M pre-deposit vault target within minutes of launch last night. This Stable is notably distinct from Stable, the crypto neobanking platform acquired yesterday by Aave Labs.
What's the Scoop?
- Big Time Backing: Stable secured $28M in a seed round co-led by Bitfinex and Hack VC, with participation from Franklin Templeton, Castle Island Ventures, Nascent, and others. Stable intends to launch a "stablecoin-optimized" Layer 1 blockchain that streamlines USDT transactions.
- Close Competition: Plasma, another Bitfinex-backed L1 tailor made for stablecoins, has already captured over $4B in TVL since its mainnet beta launch in September. Exactly like Stable, Plasma touts deep ties to Tether's ecosystem and prioritizes for stablecoin transactions.
- Suspicious Deposits: Prior to the public announcement of Stable's pre-deposit vault, wallet addresses associated with the contract owner deposited $500M into the vault, filling over 60% of available space in an apparent display of insider trading. In total, only 274 unique wallet addresses participated in the pre-deposit.
Stable welcomes @ConcreteXYZ, @MorphoLabs, @fraxfinance, @pendle_fi, @USDT0_to and @LayerZero_Core as early ecosystem partners.
— Stable (@stable) October 24, 2025
Phase 1 opens with a $825M deposit cap, led by our trusted partners.
Join the campaign: https://t.co/lZ8ULHXdHN pic.twitter.com/i5uTd5Cq2i