Stable’s $825M cap smashed in minutes by whales & TradFi titans. Unpack Phase 1’s triumph, insider drama, & stablecoin’s rise in DeFi.
In a stunning display of crypto enthusiasm, Stable, a Layer 1 blockchain tailored for stablecoin payments, smashed through its $825 million USDT cap in under 20 minutes during Phase 1 of its pre-deposit campaign on October 23, 2025.
Backed by heavyweights like Bitfinex, Tether, and PayPal, Stable is redefining on-chain payments with USDT as its native gas token, promising gas-free transfers, high-throughput scalability, and built-in compliance for bridging traditional finance (TradFi) and DeFi.
This meteoric milestone signals a seismic shift in the stablecoin economy, but not without sparking heated debates over fairness and access.
Here’s everything you need to know about Stable’s blockbuster campaign and what it means for the future of crypto payments.
Stable is not just another blockchain, it’s a purpose-built “stablechain” optimized for stablecoin transactions, with Tether’s USDT as its native gas token. This design eliminates gas fees for users, supports high-throughput batching for efficient payments, and integrates KYC/AML compliance to appeal to both DeFi enthusiasts and traditional institutions.
Launched with a $28 million seed round in July 2025, led by Hack VC and bolstered by an undisclosed investment from PayPal, Stable is positioning itself as the backbone for global stablecoin payments, a crypto equivalent to SWIFT.
The project has already garnered massive traction, boasting over 330,000 users on its waitlist for a non-custodial payments app. Community engagement is thriving, with users earning points and roles through quests on platforms like Galxe and active participation in Stable’s Discord.
With partnerships like Frax, Pendle, and imToken in the pipeline, Stable is building an ecosystem to rival existing DeFi giants.
On October 23, 2025, Stable kicked off Phase 1 of its pre-deposit campaign, inviting users to deposit USDT into Morpho vaults via ConcreteXYZ on Ethereum. The goal? Bootstrap liquidity for Stable’s upcoming mainnet while offering depositors future rewards in the form of native tokens post-Token Generation Event (TGE).
The campaign set a hard cap of $825 million USDT, and it was filled in a jaw-dropping 5-20 minutes.
On-chain data reveals ~200 depositors participated, with large wallets (depositing $5-50 million each) accounting for roughly $800 million of the total.
The vault opened around 9:10 AM UTC+8, and by 9:48 AM, deposits were already flooding in, some 22 minutes before Stable’s official announcement on X.
This lightning-fast fill-up marks one of the largest pre-launch liquidity events in DeFi history, rivaling early raises by projects like EigenLayer. Stable’s official X post celebrated the milestone, thanking partners and the community for the “overwhelming support.”
Despite the triumph, the campaign wasn’t without controversy. On-chain sleuths quickly noticed that 70% of the $825 million ($600 million) was deposited within the first 5 Ethereum blocks, roughly 20 seconds, before Stable’s public announcement.
The first deposit hit at 9:48 AM UTC+8, raising suspicions of front-running by insiders or MEV (Miner Extractable Value) bots. Fewer than 20 wallets, many pre-loading massive sums like $300 million, dominated the vault, leaving retail users feeling sidelined.
The crypto community on X erupted with mixed reactions. Some hailed the event as a “huge moment for the stablecoin economy,” applauding the institutional FOMO driving Stable’s momentum.
Others were less impressed, labeling it a “whale-only chiêu” (marketing ploy) and criticizing the team for prioritizing large players. Posts on X drew parallels to past Bitfinex controversies, with users questioning whether Stable’s ties to Tether skewed access.
The team has yet to directly address the allegations, but the drama underscores broader DeFi challenges around MEV vulnerabilities and equitable participation. Still, the sheer demand, $825 million in minutes, proves Stable’s value proposition resonates.
Stable’s Phase 1 is just the beginning. The team has teased Phase 2 as “even bigger,” with plans to expand access and address fairness concerns from the first round. While exact dates remain unconfirmed, users should monitor @stable on X for updates.
The mainnet launch and TGE are slated for late November to mid-December 2025, aligning with withdrawal timelines: depositors can access funds directly on Stable’s mainnet in late November or via a LayerZero bridge by December 13 if delays occur.
Stable’s ecosystem is poised for growth, with integrations like Frax for stablecoin yields, Pendle for tokenized incentives, and imToken for wallet support. Its compliance-first approach could attract enterprises like PayPal, potentially enabling real-world payment use cases.
With $825 million already locked, analysts predict explosive token value at TGE if adoption continues.
For those looking to get involved, joining the waitlist at app.stable.xyz, completing Galxe quests, and engaging on Discord for early perks are smart moves.
Stable’s Phase 1 pre-deposit campaign is a watershed moment for DeFi, showcasing unparalleled demand for specialized stablecoin infrastructure.
Despite controversies over whale dominance and front-running, the $825 million cap filled in minutes proves Stable’s vision, gas-free, scalable, compliant payments, has struck a chord.
As Phase 2 and mainnet loom, Stable is well-positioned to redefine how stablecoins power global transactions, blending crypto’s innovation with TradFi’s reliability.
Keep an eye on this rising star as it aims to reshape the future of finance.
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Stable is a Layer 1 stablechain optimized for USDT-based payments with no gas fees. Its Phase 1 campaign, launched October 23, 2025, allowed users to deposit up to $825 million USDT in Morpho vaults for future native token rewards, filling in under 20 minutes.
Massive demand from large depositors, including wallets contributing $5-50 million each, filled the cap rapidly. On-chain data shows ~70% of deposits occurred within seconds, sparking debates about early access before the official announcement.
Allegations of front-running and whale dominance arose after ~$600 million was deposited in the first 20 seconds, suggesting insiders or MEV bots had an edge. Retail users criticized the lack of fair access, fueling DeFi equity debates.
Withdrawals are scheduled for late November 2025 directly on Stable’s mainnet or by December 13, 2025, via a LayerZero bridge if the mainnet launch is delayed.
Phase 2 is expected soon with broader access, followed by mainnet and TGE in November-December 2025. Partnerships with Frax, Pendle, and imToken will drive ecosystem growth for stablecoin payments.
Join the waitlist at app.stable.xyz, participate in Galxe quests for points and roles, engage on Stable’s Discord, and follow @stable on X for real-time updates on Phase 2 and beyond.
