Oh, what a marvel! A Tether-backed protocol, once a mere shadow in the crypto underworld, now strides boldly into the light, wielding a blockchain powered by the cold, unyielding USDT. A true tale of triumph for the masses… or so they say. 🧛♂️
According to the protocol, this new layer-1 network is “designed for stablecoin transactions.” How quaint. It relies on Tether’s USDt for gas fees, as if the poor souls who once dared to use volatile assets were too weak to handle the burden of real choice. 🤡
Alongside the mainnet debut, Stable introduced the Stable Foundation and the STABLE governance token. A grand separation of network security from payment flows-like splitting a family into two warring factions. 🏛️
The rollout follows a pre-deposit campaign that drew more than $2 billion from over 24,000 wallets. A spectacle of greed, where faceless masses pour their savings into a machine that promises salvation. And let’s not forget the $28 million seed round, backed by Bitfinex, Hack VC, and Tether’s CEO, who probably just wanted a fancy title. 🧱
The launch expands the stablecoin infrastructure footprint of Bitfinex and Tether, now united under the same iFinex umbrella. A family business, where every coin is a chain. 🐍
Brian Mehler, CEO of Stable, told CryptoMoon that the company has “maintained frequent contact with governing bodies.” How comforting. It’s like saying a criminal has “frequent contact with the police.” 🕵️♂️
Stablecoins’ role in digital payments continues to expand
The rise of stablecoins-those digital tokens designed to maintain a steady value, often pegged to the US dollar-has pushed banks and payment companies to explore new strategies. But let’s not kid ourselves; it’s just another way to extract more from the desperate. 🧼
Most stablecoins still run on blockchains not built for fast, low-cost payments. Ethereum, that relic of the past, takes three minutes to finalize transactions. A marvel of efficiency, if you’re a patient saint. 🕒
These constraints have helped drive interest in blockchains engineered specifically for stablecoin settlement. Because nothing says “innovation” like building a new system to fix an old one. 🛠️
In February, Plasma raised $24 million to build a new blockchain for USDT. A fresh start, or just a recycled dream? 🌀
In August, Circle announced plans to launch Arc, a blockchain for enterprise-grade stablecoin payments. Enterprise-grade? More like enterprise-graded in arrogance. 🧑💼
In September, Stripe disclosed plans to launch Tempo. After CEO Patrick Collison said existing blockchains are “not optimized” for stablecoin activity. Oh, how brave of him to admit the obvious. 🚀
According to DefiLlama data, the stablecoin market cap has grown to $308.45 billion. A number so large, it’s practically a fairy tale. 🧸
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2025-12-08 23:44