Stable, a new chain dedicated to USDT transfers, recently announced its first liquidity event. The funds were raised within a day, where one single whale contributed $500M.
Stable, a chain built for USDT transfers and backed by Bitfinex, recently announced its pre-deposit campaign. The goal was to raise $825M, which was achieved within a few hours.
Stable aims to draw in more USDT, offering lower costs and a chain optimized for the stablecoin. Currently, USDT is still mostly transferred on Ethereum, burning over 29 ETH in daily fees and generating another $23M daily in additional smart contract fees.
The event brought USDT directly to Stable, with some of the coins originating from partnering DeFi lenders, including ConcreteXYZ, Morpho, Frax, and Pendle.
Stable, linked to Bitfinex and Tether, announced its presence right after the launch of Plasma, another chain specialized for stablecoins. As Cryptopolitan reported earlier, Plasma had a higher level of publicity, including for the long-awaited XPL token.
While Plasma was built to carry multiple stablecoins, Stable is built specifically for Tether’s USDT. Stable launched without specific promotion around June 2025, and has now reached the stage of boosting its liquidity.
The two chains may challenge the on-chain distribution of stablecoins, which are still concentrated in a handful of networks.
A single whale added $500M to Stable
The Stable fundraising event filled fast, but on-chain analysts noted over 60% of the liquidity came from a single whale. What is more, the whale deposited USDT from multiple wallets even before the official announcement for the pre-deposit campaign.
On-chain analysis showed the vault for Stable was filled with up to $600M from multiple whale wallets even 30 minutes before the announcement.
Despite the funds coming from different wallets, they were tracked to a single OG Ethereum whale, with over $700M in reserves.
The whale’s wallet was funded by the BTSE exchange. Just before depositing, the entity added 300K ETH TO Aave, borrowing 500M USDT. The same whale previously also borrowed funds to deposit to Plasma, leading investigators to conclude that the projects were finding ways to fund themselves through previously accrued reserves.
The community also commented on the reality of the pre-deposit campaign, which ended up being a whale event, rather than a series of retail deposits. The actual deposit window was short, and did not reflect organic demand for USDT on Stable. In total, Stable counted 194 depositors, suggesting the vault and its perks may be reserved for whales, and liquidity may be highly centralized.
Stable arrives as yield becomes the next crypto trend
Stable arrived as more crypto investors shifted to stablecoin yields. Retail risk-taking has diminished, and instead some holders prefer to loan out stablecoins.
Stablecoin yields have a broad range, depending on the type of coin and the protocol. Currently, USDC and USDT on Maple have the highest yield of over 7%. There is also a drive of deposits to sUSDs, Sky Protocol’s new yield-bearing asset.
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