Stable, a blockchain focused on Tether (USDT), has announced the raising of $28 million in seed funding aimed at expanding its infrastructure and enhancing global payments.
Funding and Its Goals
Stable, focused on Tether (USDT), has secured $28 million in a funding round led by Bitfinex and Hack VC. This funding aims to drive infrastructure growth and expand the user base, allowing for more efficient integration of USDT in payment processes.
Role of Key Investors
Key investors include firms like Franklin Templeton, reinforcing the credibility of the project amidst support from both the crypto and traditional finance sectors. Joshua Harding, CEO of Stable, stated, "Payments infrastructure around the world needs an overhaul, and traditional methods have failed to achieve fast, reliable, and secure digital payments despite massive demand from consumers across the globe."
Future Prospects
The funding also highlights the growing interest in stablecoin-backed blockchains. Analysts anticipate significant market shifts once Stable launches, similar to previous stablecoin launches such as Terra and Celo.
Stable is directing the acquired funding toward expanding its services, which may foster the global adoption of USDT in payments, positioning it as a key player in the digital finance landscape.
