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Stable launched its payments-focused, USDT-centric Layer 1 blockchain StableChain on mainnet alongside its native STABLE token and the independent Stable Foundation.
What's the scoop?
- Mainnet Live: StableChain, an EVM-compatible Layer 1 built for stablecoin payments and backed by Bitfinex and Tether, went live on mainnet Monday.
- STABLE Token Launch: The network’s native STABLE token launched with a fixed 100B supply, used for governance and staking under the delegated proof-of-stake StableBFT consensus.
- Stable Foundation: A new independent organization launched to oversee grants, ecosystem programs, and protocol governance.
- USDT as Gas: Tether’s USDT serves as the chain’s gas token, while all transactions settle in USDT; staking rewards come from a share of USDT fees.
- Pre-Deposit Success: A pre-deposit campaign pulled in over $2B from 24K+ wallets.
- Funding and Status: The project previously raised $28M from Bitfinex, Tether’s parent company, Hack VC, and others, serving as a sort of foil to the other payments-focused, USDT-centric L1 which launched in September.
Bankless Take:
With this being the second USDT payments chain to launch in the past three months, it’s hard not to be skeptical about its future. Further, the product offerings look to be very similar, with a low-cost chain underpinning an upcoming neobank payments application — Plasma One in the case of Plasma, and Stable App in the case of Stable. Yet, Stable seems to have launched with little to none applications actually live, while Plasma had a series ready from day one. Both are still in the incentive-heavy stage of launch, meaning they have many rewards to incentivize activity on their chain. Once those dry up, then the real test will come. Until then, we farm, knowing at the end of the day, 
Tether is the winner here.
