StableChain Unveils Mainnet with USDT Gas Fees and Dedicated Governance Token

In a significant development for the cryptocurrency landscape, Tether-backed Stable protocol has officially launched its blockchain, StableChain. This new platform, powered by USDT, introduces a dedicated governance foundation and a native token.

Key Takeaways

Launch of StableChain: Tether-backed Stable protocol debuts its blockchain designed specifically for stablecoin transactions.
USDT Gas Fees: The network allows payments in USDT for transaction fees, eliminating the need for volatile cryptocurrencies.
Governance and Security: The introduction of the Stable Foundation and the STABLE governance token separates network security from payment flows.
Pre-deposit Success: The pre-launch campaign raised over $2 billion from 24,000 wallets, indicating strong interest.
Support from Investors: The project secured $28 million in funding from major investors, including Bitfinex and Tether's CEO.

StableChain's mainnet launch also marks the introduction of the Stable Foundation and the STABLE governance token, further ensuring that network security operates independently from USDT payment flows.

The rollout successfully follows a pre-deposit initiative that attracted over $2 billion from more than 24,000 wallets. Additionally, the launch is backed by a $28 million seed funding round, led by notable investment players such as Bitfinex, Hack VC, and Tether CEO Paolo Ardoino, who also serves as an adviser for the project.

This launch not only bolsters the ecosystem of stablecoins but also enhances USDT's functionality within the network's design, which is part of the larger connection between Tether and Bitfinex, both of which are under the iFinex umbrella.

Brian Mehler, the CEO of Stable, shared his insights with Cointelegraph, stating that the company has “maintained frequent contact with governing bodies overseeing the implementation of stablecoin and payments guardrails worldwide."

StableChain launches mainnet with USDT gas fees, dedicated governance token

The Growing Importance of Stablecoins in Digital Payments

The evolution of stablecoins — digital currencies intended to maintain a consistent value, often tied to the US dollar — is driving banks, payment firms, and remittance services like Western Union to adopt innovative strategies.

Despite their rise, most stablecoins operate on blockchains not designed for speedy, cost-effective transactions. For instance, Ethereum, which hosts the majority of stablecoin transactions, can take approximately three minutes to complete them.

These limitations have sparked interest in blockchains that are specifically constructed for stablecoin transaction settlements.

Earlier this year, the stablecoin startup Plasma successfully raised $24 million to create a new blockchain dedicated to USDT. This funding round was led by Framework Ventures and had contributions from Bitfinex, investor Peter Thiel, and Tether CEO Paolo Ardoino. Plasma's mainnet beta went live on September 25, coinciding with the launch of its native XPL token.

Additionally, in August, Circle announced its intention to launch Arc, an EVM-compatible layer-1 blockchain intended for enterprise-level stablecoin payments and capital markets within the year.

Building on this trend, in September, payment processor Stripe revealed plans for a new layer-1 network named Tempo, as CEO Patrick Collison noted that existing blockchains are “not optimized” to accommodate the increasing stablecoin and crypto transactions flowing through Stripe's services.

According to data from DefiLlama, the stablecoin market capitalization has surged to approximately $308.45 billion, up from $198.76 billion a year ago, marking a significant 55% growth over the past year.

Stablecoin market capitalization. Source: DefiLlama

This increasing acceptance of stablecoins highlights their critical role as digital payment solutions in today's finance ecosystem.