Stable, the Layer 1 blockchain backed by global stablecoin giant Tether, has just announced on social platform X that the second phase of its pre-deposit campaign will officially launch next week.
The announcement highlights that the new phase will introduce a series of restrictions, including a 24-hour countdown, a fixed cap on total deposits, individual wallet deposit limits, and specific wallet participation requirements. These rule changes directly address the "whale monopoly" controversy that emerged during the first phase of the campaign.
01 Three-Phase Roadmap: Building Tether’s Financial Superhighway
The ambitious vision behind the Stable project was detailed in an in-depth analysis by ForesightNews in early July. Stable is far from an ordinary public blockchain project; it represents Tether’s strategic move to break free from reliance on third-party platforms like Ethereum and Tron, and to build its own financial infrastructure.
While Tether’s business model generates billions of dollars in annual profit, it faces an Achilles’ heel—value leakage.
As a "tenant" on someone else’s blockchain, Tether brings massive transaction volume and users to chains like Tron but cannot capture all the value it creates, and must pay hefty "rent" to these platforms.
Stable’s solution is to build a dedicated Layer 1 network with USDT as its native gas token. Its technical roadmap is divided into three clear phases:
The first phase enables gas fee payments in USDT and sub-second block confirmations; the second phase ensures block space for enterprise-grade payments; and the third phase focuses on developer tools and performance upgrades.
This design aims to transform Tether’s stablecoin empire from a "super app" operating on foreign territory into an autonomous infrastructure operator with full sovereignty.
02 Tether’s Imperial Ambition: From Parasitic to Autonomous Strategy
Tether’s recently released financials underscore its strength—with projected net profits approaching $15 billion in 2025, it stands as one of the most profitable entities in the crypto world.
Why would such a successful company seek to disrupt the status quo? The motivation lies in significant platform risk.
Data shows that the circulating supply of USDT on the Tron network has surpassed $80 billion, accounting for roughly half of USDT’s total supply. This deep dependency means Tether’s lifeline is tightly held by its "landlord."
Even more concerning, Tron appears to be developing its own stablecoin, USD1, reportedly linked to the Trump family—effectively nurturing a direct competitor within Tether’s most important distribution channel.
At the end of July, the Stable project completed a $28 million seed round led by Bitfinex and Hack VC.
Other notable backers include Franklin Templeton, Castle Island Ventures, and KuCoin Ventures, as well as Tether CEO Paolo Ardoino himself. This impressive lineup reflects strong market confidence in the project.
03 Pre-Deposit Campaign: From Controversy to Improvement
The first phase of Stable’s pre-deposit campaign showcased the community’s enthusiasm but also sparked significant controversy.
Last week, the $825 million cap for the first phase was reached in just about 22 minutes after opening. While the speed was remarkable, the real controversy centered on the fairness of allocation.
Several X users alleged "preemptive transactions," pointing to on-chain data showing that most deposits came from a handful of large wallet clusters that moved funds before the official announcement.
Members of the crypto community complained that this left little room for ordinary retail participants.
BlockBeats’ AI analysis further revealed the severity of the issue: on-chain data indicated that over 70% of deposits occurred before the official announcement, with clusters directly linked to the project’s Vault owner depositing as much as 500 million USDT.
Such apparent insider activity has seriously undermined the project’s credibility.
In response to the community’s strong reaction, Stable has introduced stricter rules for the second phase. In addition to a fixed total deposit cap, there will be individual wallet deposit limits and specific participation requirements for wallets.
These measures aim to prevent a small number of whale wallets from dominating total deposits and to create space for broader community participation.
04 Outlook: Opportunities and Challenges Ahead
The launch of the Stable project comes at a time when the stablecoin market is booming. By 2025, the total stablecoin market has expanded to around $316 billion.
Tether holds a dominant position, with USDT’s market cap reaching approximately $183.13 billion.
As a Layer 1 blockchain focused on stablecoin transactions, Stable aims to build a high-performance network optimized for USDT payments and decentralized applications.
It allows users to pay transaction fees using Tether’s USDT as the native token and offers gas-free peer-to-peer USDT transfers.
However, the project faces significant challenges. The first is trust rebuilding—the controversy from the first phase of the pre-deposit campaign has damaged its reputation, and whether the new rules in the second phase can effectively prevent similar issues remains to be seen.
The second challenge is the regulatory environment. Tether has long been under global regulatory scrutiny, and according to Ainvest, the lack of third-party audits remains a major credibility risk.
Meanwhile, the U.S. Congress is advancing the "GENIUS Act," which could have far-reaching implications for the entire stablecoin industry.
Despite these challenges, Stable’s long-term potential is considerable. As stablecoins become increasingly integral to global payments and DeFi, a high-performance blockchain optimized for stablecoin transactions could capture significant market value.
05 Conclusion: The Cornerstone of the New Digital Dollar Era
The Stable project represents Tether’s strategic shift from "parasitic" to "autonomous," aiming to build the infrastructure for the coming digital dollar era.
By making USDT the native gas token, Stable seeks to address the twin challenges of value leakage and platform risk.
The upcoming second phase of the pre-deposit campaign is not only another test of the project’s community appeal but also a crucial assessment of its governance and commitment to fairness.
As stablecoins have become a vital component of global financial infrastructure, whether Stable can become the solid cornerstone of the Tether empire is a question worth watching closely.
Future Outlook
The evolution of the Stable blockchain signals that Tether is no longer content with being merely a "tenant" on other blockchains, but is determined to build its own financial sovereignty.
The improved rules for the second phase of the pre-deposit campaign show that the team has heard the community’s concerns, but the real test will come after next week’s launch—whether these measures can truly ensure fair allocation remains to be seen.
