Stable has announced the completion of a funding round, raising $28 million to upgrade USDT functionality.
Funding Goals and Sources
Stable, focused on Tether (USDT), raised $28 million in a funding round led by Bitfinex and Hack VC. The company intends to improve USDT functionality and enable low-fee transactions. Investors also include Franklin Templeton and other institutional backers.
Impact on Stablecoin Market
The new funding may influence liquidity trends in the stablecoin market. Enhanced USDT functionality could affect Ethereum-based DeFi protocols and possibly trigger liquidity migrations from networks like Tron or Binance Smart Chain.
Future Prospects and Challenges
The Stable project, led by CEO Joshua Harding, aims to address issues of high fees and slow confirmations common in current blockchains. The company seeks to integrate stablecoins into everyday financial operations, which may change the landscape of blockchain-based financial services.
Stable is taking significant steps in developing stablecoin solutions, potentially enhancing transaction usability and significantly altering existing financial ecosystems.
