Tether and Bitfinex Launching USDT-Based Blockchain Project Stable Focused on Institutional Users

The L1 blockchain called Stable is preparing for its launch with the backing of Bitfinex exchange and USDT0, a company affiliated with Tether. Paolo Ardoino, CEO of Tether, is serving as a consultant for the project.

Stable will utilize the USDT stablecoin for transaction fees, while P2P transfers of these «stable coins» will be free of charge. The initiative is primarily aimed at institutional users.

Currently, developers are testing the forthcoming network. A significant feature of Stable will be its «enterprise lanes,» which will facilitate faster transaction execution for financial institutions.

According to the team, «the existing infrastructure for stablecoins is fragmented, costly, and unstable,» despite USDT alone achieving over $100 billion in daily transaction volume. The Stable project aims to address these issues.

Stable will enable money transfers, global payments, the creation of neobanks based on stablecoins, and treasury management. The platform is also set to support on-chain operations with currency, lending, settlements, and cross-border B2B payments.

The project is being developed by a team comprising protocol engineers, fintech operators, and founders of cryptocurrency projects.

As a reminder, on June 2, the total market capitalization of stablecoins surpassed $250 billion for the first time.