Stable Secures $28 Million in Funding

Stable, a new layer-1 blockchain project focused on stablecoin infrastructure, has raised $28 million in a seed funding round. The round was co-led by crypto exchange Bitfinex and venture capital firm Hack VC. Additional investors included Franklin Templeton, eGirl Capital, Mirana, Castle Island Ventures, Susquehanna International Group, Nascent, and Blue Pool Capital.

Stable Secures $28 Million in Funding

Stable is developing Stablechain, a blockchain designed specifically for stablecoin transactions, with a primary focus on Tether’s USDT. The company intends to address common challenges associated with using general-purpose blockchains for stablecoin transfers, such as high transaction fees and long confirmation times. By building infrastructure purpose-built for stable digital assets, Stable aims to improve the performance and accessibility of on-chain payments. According to the company, stablecoins (particularly Tether) represent a central use case for blockchain-based financial services.

Stable Secures $28 Million in Funding

Support from Industry and Policy Shifts

The announcement comes shortly after a major regulatory development in the United States. Just two weeks before the funding round was disclosed, the GENIUS Act was signed into law. The act establishes a legal framework for stablecoin regulation and offers guidance for banks seeking to build infrastructure for digital payments. The new policy marks a shift in approach toward digital assets, replacing previous enforcement-focused strategies with clearer regulatory standards.

Paolo Ardoino, CEO of Tether and CTO of Bitfinex, commented on the significance of the regulatory change. He noted that the U.S. government appears to be moving toward more defined rules for digital assets and away from the litigation-based oversight that characterized earlier approaches. Ardoino suggested that the new regulatory clarity will allow financial institutions to more confidently support stablecoin-based services.

The GENIUS Act 

Strategic Backing and Broader Context

Stable was incubated by Bitfinex and began raising funds in June, with the round closing in July. In addition to venture capital participation, the project has drawn support from individual backers, including Braintree founder Bryan Johnson and Divesh Makan of Iconiq Capital, who are joining as angel investors and advisors.

While Stable is focused on a layer-1 solution tailored to stablecoin usage, it is not the only web3 initiative pursuing this goal. Plasma, a bitcoin-based project with a similar vision, recently raised $373 million in a token sale. Like Stable, Plasma also counts Bitfinex among its supporters, signaling a growing interest in blockchain infrastructure purpose-built for stable digital assets.