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.
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Stable secures $28 million in funding
Stable is developing Stablechain, a blockchain built specifically for stablecoin transactions, with a primary focus on Tether's USDT. The project targets common pain points in stablecoin transfers on general-purpose blockchains: high transaction fees and slow confirmation times. By creating infrastructure dedicated to stable digital assets, Stable wants to make on-chain payments faster and more accessible. The company positions stablecoins, particularly Tether, as a core use case for blockchain-based financial services.
Stable Secures $28 Million in Funding
Support from industry and policy shifts
The funding announcement follows a major regulatory shift in the United States. Two weeks before the round was disclosed, the GENIUS Act became law. The act creates a legal framework for stablecoin regulation and provides guidance for banks building digital payment infrastructure. The new policy replaces earlier enforcement-focused strategies with clearer regulatory standards for digital assets.
Paolo Ardoino, CEO of Tether and CTO of Bitfinex, highlighted the significance of the regulatory change. He noted that the U.S. government is moving toward defined rules for digital assets instead of the litigation-based oversight that dominated earlier approaches. Ardoino said the new regulatory clarity will let financial institutions support stablecoin-based services with more confidence.
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. Beyond venture capital, the project has attracted individual backers, including Braintree founder Bryan Johnson and Divesh Makan of Iconiq Capital, who are joining as angel investors and advisors.
While Stable focuses on a layer-1 solution tailored to stablecoin usage, it's not the only web3 project pursuing this goal. Plasma, a bitcoin-based initiative with a similar vision, recently raised $373 million in a token sale. Like Stable, Plasma also counts Bitfinex among its supporters, pointing to growing interest in blockchain infrastructure purpose-built for stable digital assets.
