My work is finally wrapping up! Time to casually review @stable and their project. 1. This is basically a Layer-1 blockchain built for institutional-level USDT settlement and payments, independently funded with $28M by people related to Tether. Considering the scale of their narrative, this investment amount isn’t much at all. 2. The mainnet hasn’t launched yet, but they’ve already secured $825M in pre-deposits through partner protocols like Morpho and Pendle. They’ve pioneered a new paradigm: getting people to deposit funds even before the mainnet is live. 3. The roadmap is divided into three phases: H1 2025 Q3: Complete fundraising and pre-deposits H2 2026 Q1: Launch mainnet, wallet, exchange, and basic cross-chain functionality H3 Full year 2026: Improve DeFi, RWA, institutional settlement tools, and cross-chain bridges 4. Yields are overhyped (ctStableUSDT, ctStablefrxUSD). TVL is around $800M, with a single address contributing 60% of the TVL. APY is only 4–7%. 5. Risk assessment: 5.1 Compliance pressure and historical issues with USDT itself 5.2 Extremely high centralization of TVL 5.3 Technical development capabilities remain unproven 5.4 Potential withdrawal rush after pre-deposit phase ends 6. AI overall assessment: Stable has demonstrated institutional-level capital mobilization capabilities through Tether/Bitfinex resources and $28M in funding, as well as their large-scale pre-deposit activity. However, the highly concentrated wallet distribution and the fact that the mainnet is still not live place it in a high-beta, early-stage realization phase. If they can successfully launch the mainnet and expand their ecosystem by 2026, they have a chance to secure a significant share in the USDT payment space. Otherwise, regulatory and competitive pressures may erode their first-mover advantage. It’s recommended to keep an eye on Phase 2’s decentralization progress and mainnet performance tests to dynamically adjust risk-reward expectations. by @Surf_Copilot