The developer of the new blockchain, built around Tether’s USDT, said it raised $28 million in seed rounds led by Bitfinex and Hack VC.
Other backers include Franklin Templeton, Castle Island Ventures and Cucoin Ventures, along with angel investors such as Tether CEO Paolo Ardoino and Braintree founder Bryan Johnson.
A stable blockchain called “Stablechain” aims to transform USDT into the basis of digital payments around the world by offering fast payments, low fees and stable account units in one package.
This pay raise follows the genius law, which sets a regulatory framework for signing the law, such as USDT.
“The global payment infrastructure requires overhauls, and despite the large demand from consumers around the world, traditional methods have not achieved fast, reliable and secure digital payments,” Stable CEO Joshua Harding said in a statement. “Stable was developed to leverage the possibilities behind Stablecoins like USDT to provide instant, seamless payments and directly address current payment rail issues.”
Stable’s roadmap will be rolled out in three phases this year. Phase 1 uses USDT to make it a gas token and implements the block time after 1 second. Phase 2 introduces Blockspace guarantees for enterprise-grade payments, and according to the release, Phase 3 will focus on developer tools and performance upgrades.
This project doesn’t just focus on stubcoins. Just this week, Stablecoin-focused Network Plasma raised $373 million in overregistered token sales. The network provides fee-free Stablecoin transfers.
The Stablecoin industry has grown exponentially over the last few years, and has now achieved a market capitalization of $273 billion. It is primarily controlled by US dollar stub coins such as Tether’s USDT and Circle’s USDC.
