STABLE (Stable) Project Report

Project Report

Updated on2026-06-03

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1. Executive Summary

STABLE calls itself the world’s first “Stablechain,” a Layer-1 that uses USDT as its native fuel. Peer-to-peer transfers are gas-free for users and settle within 1 second; all fees, MEV, and block rewards are priced in USDT. The project has raised a total of US$ 28 million across seed and strategic rounds, led by Bitfinex and Hack VC, with participation from PayPal Ventures, Franklin Templeton, Tether CEO Paolo Ardoino, and others.

The mainnet launched on December 8, 2025, and the native token STABLE (fixed supply of 100 billion) was listed simultaneously. Only 10% of the supply is circulating at genesis. Two pre-deposit seasons attracted US $2 billion in commitments—oversubscribed 39×—and those funds are locked until Q1 2026.

The roadmap focuses on institutional payments and fiat on-/off-ramps, using the native USDT0 protocol to move dollars across chains without traditional bridges and embedding compliance hooks for auditors and regulators.

⭐ Key Highlights

First L1 fully priced in USDT, not native gas token
$28M raised + major TradFi backers
$2B pre-deposits locked, 39× oversubscribed
Clear regulatory + institutional focus

2. Key Metrics

Blocks are produced every 0.9s on average, and the chain has tested above 2,000 TPS. Pre-deposit TVL stands at US $2 billion, unlocking in tranches starting March 2026.

Fifty-one validator nodes run the DPoS consensus with an average staking ratio of 68%. Over 280,000 addresses have been created and more than 120 contracts deployed, mostly payment gateways, custodial wallets, and RWA tooling.

3. Project Details

3.1 Vision

Incubated by Stable Labs with Bitfinex and Tether, the network aims to upgrade USDT from “token” to “infrastructure.” Holders can pay for any on-chain action with USDT directly; no second currency is required for gas, removing conversion volatility.

3.2 Architecture

The consensus mechanism, StableBFT, is a Tendermint-derived BFT-DPoS reaching finality in <1s and tolerating up to one-third Byzantine nodes. Execution uses optimistic parallelization and batched transactions; Phase 3 will move to a DAG structure targeting >10,000 TPS.

Accounts support human-readable names (“alice@stable”) and social recovery. USDT0 light-client proofs allow native cross-chain transfers to Ethereum, Tron, and Solana without wrapped assets or bridges. Built-in KYC/AML hooks let institutions run whitelisted subnets and auto-generate regulatory reports.

3.3 Token Economics

STABLE has a hard cap of 100 billion and is never used for gas; its roles are governance, staking, and ecosystem incentives. Allocation:

10% initial activities (airdrop & liquidity), fully unlocked at genesis
40% ecosystem/community (8% unlocked, 92% linear over 48 months)
25% team
25% investors

Both team and investor allocations face a 12-month cliff + 36-month linear unlock.
Token utility includes:

staking to become or delegate to validators and earn USDT-denominated fees
DAO votes on fee tiers, stable-coin types, and compliance policies
grants, liquidity mining discounts, RWA collateral rebates

3.4 Roadmap

Phase 1 (Q4 2025): mainnet, wallets, block explorer, RPC, SDK, gas-free P2P transfers.

Phase 2 (Q1–Q2 2026): enterprise channels, batched transactions, privacy pools, fiat on-/off-ramp, Visa-branded card spending USDT directly.

Phase 3 (Q3 2026–2027): DAG upgrade, verifiable financial statements, cloud IDE for developers.

4. Funding & Compliance

Seed round of US $28M led by Bitfinex and Hack VC; strategic round size undisclosed. Investors include PayPal Ventures, Franklin Templeton, Castle Island, Paolo Ardoino, and Bryan Johnson.

Stable Labs Ltd. is incorporated in the BVI and has set aside a compliance reserve for VASP licensing in Lithuania, El Salvador, and UAE’s VARA.

5. Team & Advisors

Matthew Tabbiner — CEO, former Head of Institutional Business at Bitfinex
Sam Kazemian — CTO, co-founder of Everipedia, early contributor to Frax
Brian Mehler — CFO, former VP at Silvergate Bank
Advisors: Paolo Ardoino (Tether/Bitfinex CTO), Rich Teo (co-founder of Paxos Asia)

6. Ecosystem & Adoption

Payments: Bitfinex, Holo Wallet, Simplex, and Nuvei have integrated on-chain deposits and withdrawals.

RWA: Franklin Templeton is piloting an on-chain money-market fund that can be subscribed and redeemed in USDT in real time.

DeFi: More than 30 native projects have been announced, covering lending (LendStable), DEX (StableSwap), and derivatives (SperaxUSD).

The validator set includes 51 professional nodes such as Bitfinex, Ankr, Figment, and InfStones, keeping the average staking ratio around 68%.

7. Risks & Concerns

Concentration: 70%+ of pre-deposits from insiders/institutions; large unlocks in late 2026 may pressure price.
Regulation: Stablecoin-native chains are undefined in EU MiCA + U.S. drafts; USDT sanctions risk.
Value accrual: Token is not gas; yields in USDT mean STABLE may end up purely governance-based.
Decentralization: Only 51 validators, all nominated by the foundation; gradual opening promised.

8. Conclusion

Stable turns USDT’s liquidity moat into a settlement layer. Backed by Bitfinex and Tether and supported by tier-one TradFi investors, the chain already delivers sub-second, gas-free USDT transfers at genesis. The STABLE token launches with only 10% float, limiting near-term sell pressure, but the long-term thesis depends on:

sustainable USDT fee flows driven by real enterprise volume,
progress in decentralization and regulatory compliance, and
an ecosystem that grows beyond incentive farming.

If corporate channels and the Visa card launch as scheduled — and daily USDT throughput rises steadily — Stable could become the default rails for on-chain dollar settlement. If not, heavy unlocks or regulatory shocks may compress valuations.

Key metrics to watch after the Q1-2026 enterprise rollout include daily USDT transaction volume, validator dispersion, and DAO voting participation—these will signal whether the network is transitioning from subsidized growth to self-sustaining adoption.

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