Stable closes phase 1 of deposit campaign… 'deposit preemption' controversy

Son Min

Summary

Stable said that phase 1 of its deposit campaign filled the hard cap of $825,000,000 and closed.
Some investors said that institutional partners and large wallets completed large deposits before the official public opening, raising allegations of deposit preemption.
Stable said it has not issued an official statement regarding the controversy.

Phase 1 of the deposit campaign run by Stable filled the target cap (hard cap) of $825,000,000 immediately after launch and closed. However, controversy has arisen amid allegations that major deposits were preempted by large wallets before the public opening.

On the 24th (local time), DeBlock reported that Stable announced that "the phase 1 pre-deposit (pre-deposit) campaign had reached its cap." Under this campaign, users who deposit stablecoins such as Tether (USDT) receive incentives linked to future native tokens and ecosystem rewards.

Stable said it attracted participation from institutional partners such as Frax Finance, Morpho Labs, Pendle, and LayerZero in this raising. However, some investors who analyzed on-chain data claimed that certain large wallets had completed large deposits before the public opening.

One on-chain analyst pointed out, "Ten large wallets had already deposited 600 million USDT before the campaign start was officially announced." Another user claimed, "About 500 million USDT was transferred from an address linked to the BTSE exchange, accounting for over 60% of the total deposits."

He criticized, "Can a campaign that was already closed before the public opening truly be called a 'public sale'?" and added, "Stable announced the campaign start at 1:13 (UTC), but the first deposit had already started at 0:48 and the final deposit was completed just one minute later at 1:14."

Stable has not issued an official position regarding the controversy.