Stable hits $825 million pre-deposit cap amid ‘front-running’ allegations

Stable, a Layer 1 blockchain backed by Bitfinex and focused on stablecoin transactions, announced that Phase 1 of its pre-deposit campaign reached its $825 million hard cap immediately after launching. This campaign allowed users to deposit stablecoins, mainly USDT, for future rewards tied to the network's native token. While institutional partners like Frax Finance participated, several users on X alleged that a small group of large wallets executed the majority of deposits, limiting retail participation. Onchain data suggested that $600 million USDT was deposited by just ten large wallets before the public announcement, and one address linked to the BTSE exchange allegedly transferred about $500 million. Critics questioned the fairness of the sale, noting deposits began hours before the official launch time. Stable is developing a high-throughput network optimized for USDT payments and dApps, with Phase 2 expected to follow.

(Source：The Block)