Stable Reaches $825 Million Pre-Deposit Cap Within Minutes Amid Fairness Concerns

Stable, a new Layer 1 blockchain designed for stablecoin transactions, has quickly hit its $825 million pre-deposit cap during the first phase of its funding campaign—sparking both excitement and controversy across the crypto community.

The pre-deposit campaign, which allows participants to commit stablecoins like USDT in exchange for future rewards tied to Stable’s native token, opened earlier this week. Within minutes, the initiative reportedly reached its hard cap, drawing deposits from major institutional players such as Frax Finance, Morpho Labs, Pendle, and LayerZero.

However, not everyone was pleased with how the rollout unfolded. Users on the social platform X claimed that most deposits came from a handful of large wallets, leaving little opportunity for smaller retail participants to take part. On-chain analyst @0xastronomica shared that approximately $600 million USDT was contributed by just ten wallets before the campaign’s official start time. Another user, @emmettgallic, alleged that one address connected to the BTSE exchange transferred about $500 million, representing more than 60% of total deposits.

“Is a public sale really a public sale if you don’t tell anyone until it’s full?” @emmettgallic wrote, noting that while the campaign was announced as live at 1:13 UTC, the first deposits had already been recorded at 00:48 UTC—roughly 25 minutes before the public launch.

Stable, which is backed by Bitfinex and USDT0, is building a high-performance blockchain optimized for stablecoin payments and decentralized applications. The company has not commented directly on the allegations but confirmed that Phase 2 of the campaign is planned, though no date has been announced.

Despite the debate, the rapid response underscores strong market interest in Stable’s approach to stablecoin utility and payments infrastructure. Whether the next phase will address transparency and access concerns remains to be seen, but for now, the project has firmly captured the crypto world’s attention.