The second phase of pre-deposits for the Stable project has exceeded $253 million, indicating significant market enthusiasm for a new Layer 1 blockchain designed specifically for stablecoins and real-world assets. This substantial inflow of capital highlights the growing demand for stablecoin infrastructure.
On November 6, 2025, on-chain analytics platform Lookonchain reported that the pre-deposit phase for the Stable project had reached over $253 million. This figure represents a substantial commitment from the market, with the total pre-deposit cap set at $500 million. Following the successful completion of phase one last month, phase two has demonstrated even greater demand than anticipated.
However, the surge in activity also brought a cautionary note. More than 60 wallets reportedly lost funds due to incorrect address entries, resulting in a total loss exceeding $2.34 million. This incident serves as a stark reminder of the high-stakes risks inherent in cryptocurrency transactions.
Stable is a blockchain initiative developed by Tether, the issuer of USDT, and Bitfinex, a prominent cryptocurrency exchange. The project is focused on creating a dedicated Layer 1 chain optimized for stablecoin operations, aiming to address existing challenges in the decentralized finance (DeFi) space.
Project Origin: A Strategic Alliance of Two Giants
The significant pre-deposit activity for Stable can be understood by examining its origins. The project is the product of a strategic collaboration between two major players in the cryptocurrency industry.
Tether, known for issuing USDT, the largest stablecoin by market capitalization with over $100 billion in reserves, has partnered with Bitfinex, an established exchange recognized for its robust technology and efficient trading engine.
This partnership led to the launch of the Stable project in late 2024. The initiative aims to solve critical pain points within the stablecoin ecosystem. While existing blockchains like Ethereum are powerful, they often face issues such as high gas fees, network congestion, and complexities in cross-chain interoperability.
Stable is positioned as the "native home for stablecoins," a Layer 1 chain specifically designed for stable assets. Its objective is to facilitate near-zero-friction minting, trading, and settlement of stablecoins.
Technical Architecture: Innovation With Stability First
Stable employs an advanced consensus mechanism that combines a variant of Proof-of-Stake (PoS) with Tether's reserve audit system. This architecture is intended to provide a high level of transparency and security for all on-chain stablecoin transactions.
In contrast to general-purpose blockchains like Solana or Avalanche, Stable prioritizes "stability first." Key features include:
- •A built-in stablecoin bridge that supports native deployments of major stablecoins such as USDT and USDC.
- •Gas fees are denominated and paid in stablecoins, eliminating the volatility associated with paying in native network tokens.
The network also incorporates a light privacy module, utilizing a simplified zero-knowledge proof. This feature is designed to enable institutions to conduct stablecoin transactions efficiently and with privacy, all within a compliant framework.
This combination of features aims to lower the barrier to entry for DeFi applications and to facilitate the tokenization of real-world assets (RWAs). The vision includes the direct on-chain linkage of assets like real estate or bonds with USDT, with transaction fees expected to be minimal.
Pre-Deposit Boom: Mechanism and Mishaps Warning
The significant interest in Stable's pre-deposits underscores the project's ambitious goals and the market's reception.
The pre-deposit mechanism is straightforward: participants deposit stablecoins, such as USDT, in exchange for future allocations of the native token, STBL.
- •Phase one, which concluded in October 2025 with a $100 million cap, was filled within a week.
- •Phase two, with an increased cap of $250 million, saw substantial capital inflows within days.
The Stable team has stated that these pre-deposits will be used to fund network incentives, support validators, and contribute to an ecosystem fund. A significant portion, 60%, is allocated to community contributors, with the overarching goal of fostering a decentralized "stablecoin alliance."
However, the pre-deposit phase was not without its incidents. Lookonchain highlighted instances where retail users made errors in address entries during on-chain transfers. Given the irreversible nature of blockchain transactions, the $2.34 million lost serves as a critical lesson. The importance of meticulously verifying every character in a contract address cannot be overstated, as a single mistake can lead to permanent loss of funds.
Outlook: The Prelude to a Stability Revolution
The success of Stable's pre-deposit phase is more than just a metric; it represents a potential shift in the stablecoin landscape.
As the mainnet launch approaches, anticipated in the first quarter of 2026, several DeFi protocols are planning to migrate to the Stable network. Early integrations are expected to include lending platforms and decentralized exchanges (DEXs).
In an era of increasing regulatory scrutiny, the backing of Tether and Bitfinex provides Stable with a perceived "compliance halo." The project's commitment to 100% audited reserves and built-in Anti-Money Laundering (AML) modules offers a distinct advantage in the often-opaque stablecoin market.
The $253 million pre-deposit figure is merely the initial phase. Once the STBL token is unlocked and decentralized applications are deployed, Stable could usher in a new era where stablecoins become a central engine of Web3, transcending their current role as mere "digital dollars."
The cryptocurrency market is characterized by rapid evolution. The emergence of Stable serves as a reminder that opportunity and risk are intrinsically linked. For potential participants, due diligence is paramount before committing funds. For observers, the developments surrounding Stable warrant close attention.
This potential stability revolution has just begun.