Stable, developer of a new blockchain built around the USDT of Tether, said that he had collected $ 28 million in a seed lap led by Bitfinex and Hack VC.
The other donors include Franklin Templeton, Castle Island Ventures and Kucoin Ventures, alongside providential investors like the CEO of Tether Paolo Ardoino and the founder of Braintree, Bryan Johnson.
The stable blockchain, described as a “stablechain”, aims to transform the USDT into databases in the world by offering rapid payment, low costs and a stable unit in a package.
The increase follows the Genius Act, which sets up a regulatory framework for Stablecoins like the USDT, being promoted.
“The world’s payment infrastructure needs overhaul, and traditional methods have failed to reach fast, reliable and secure digital payments despite massive consumer demand around the world,” said stable CEO Joshua Harding, in a statement. “Stable has been developed to take advantage of the potential behind stablescoins as USDT to offer instant and transparent payments, directly solving problems with current payment rails.”
The Stable roadmap takes place in three phases this year. The first phase made the USDT the gas token and implements times of block less than a second. Phase two will introduce blockspace guarantees for business quality payments, and phase three will focus on developer tools and performance upgrades, according to the press release.
The project is not the only one to focus on stablecoins. This week, network plasma focused on stablescoin raised $ 373 million in a sale of overwriter tokens. The network offers stablecoin transfers at no cost.
The Stablescoin industry has increased exponentially in recent years to now have a market capitalization of $ 2733 billion. It is largely dominated by the stables of the US dollar such as the USDT of Tether and the USDC of Circle.
