Stable Secures $825 Million in Deposits Amid Transparency Concerns: A Closer Look

A Major Milestone in Liquidity Campaign

Financial infrastructure firm Stable has successfully reached its target of $825 million (approximately KRW 1.18 trillion) in deposits during a recent liquidity campaign. Positioned as a key player in next-generation financial systems for institutional investors and payment applications, the company aims to utilize these reserves to drive global partnerships and accelerate product development. However, while this achievement underscores the company's capability to attract significant capital, it has also brought attention to pressing issues surrounding fairness and transparency.

Exceptional Demand and Revised Deposit Caps

Stable initially launched its campaign on October 24 at 10 a.m. KST, with a $700 million (approximately KRW 1.01 trillion) deposit cap for Tether (USDT). The cap was met almost immediately, culminating in heightened demand. To accommodate this, Stable raised the limit by an additional $75 million (approximately KRW 107.3 billion), bringing the total USDT cap to $775 million (approximately KRW 1.09 trillion). Alongside Tether deposits, a further $50 million (approximately KRW 71.5 billion) cap was allocated to frxUSD deposits, bringing the campaign’s combined deposit ceiling to $825 million (approximately KRW 1.18 trillion)—a figure subsequently achieved during the campaign’s duration.

The surging interest in Stable’s liquidity campaign reflects growing confidence among institutional investors. However, it also raises critical questions about the process’s equitable execution, especially given the dynamics of early deposits.

Blockchain Insights: Deposit Distribution Among Key Players

Data from blockchain security firm CertiK offers revealing insights into the campaign’s deposit flow. Notably, 87% of the total deposits—equating to $720 million (approximately KRW 1.03 trillion)—were secured before the official commencement of the campaign. Even more strikingly, 73% of these deposits, or $600 million (approximately KRW 859 billion), were concentrated among just ten wallets, suggesting that few high-net-worth individuals or institutional investors dominated the campaign.

The largest single deposit, amounting to $101.4 million (approximately KRW 145.1 billion), was made via a newly created wallet address linked to BTSE exchange funds—a mere 14 hours before the campaign officially began. This wallet conducted transactions with exceptional timing, finalizing deposits in the very first block of the campaign.

The secondmost significant deposit, valued at $86 million (approximately KRW 123 billion), originated from a wallet connected to Binance’s hot wallet. This address was generated just a day prior to the campaign launch. Another contributing wallet deposited $60 million (approximately KRW 85.9 billion); notably, its transactions came from coordinated activities across three associated sub-addresses—all executed within the same block.

The statistical breakdown of these transactions highlights the overwhelming influence of a small number of key players, underscoring an uneven participation pattern before the campaign became widely accessible.

Spotlight on Controversy: Transparency and Fairness

As Stable’s liquidity campaign moves into the spotlight, it has sparked sharp criticism from blockchain experts and the broader community, who question its fairness and transparency. Concerns center on large wallets depositing funds before any official public announcement via channels like X (formerly Twitter). These early deposits have been perceived as preferential access afforded to a select few, effectively sidelining retail and smaller investors.

Emmett Gallic, an on-chain analytics activist, revealed on X that a wallet tied to BTSE deposited $500 million (approximately KRW 715.8 billion)—equivalent to nearly 60% of the campaign's cap—before public disclosure. Gallic labeled such practices as “disproportionate and undermining broader investor equality.”

Digital asset analyst Shawn also criticized the campaign, calling out alleged insider trading and market manipulation. He flagged ten wallets connected to the project’s owner, claiming these accounts deposited $500 million USDT before the campaign’s public launch. Shawn’s comments underscored mounting criticism surrounding governance issues in Stable’s operations.

Stable’s Response: Hints of a Second Phase

In the wake of public backlash, Stable has communicated intentions for a potential second phase of deposit-raising activities. Through its official channels, the company teased that “more activity is on the way,” although details such as the second phase’s deposit cap, timeline, and measures to enhance fairness remain conspicuously absent.

While the successful completion of the first phase underscores Stable’s appeal to institutional investors, its credibility could be at risk if concerns regarding governance and equitable access are not addressed. Market participants and analysts alike are watching closely for the company’s next strategic move, particularly its willingness to adopt transparency-enhancing measures and rebuild community trust.

Conclusion: Opportunity Amid Scrutiny

Stable’s achievement of securing $825 million in liquidity serves as a testament to its ability to attract substantial financial backing. Yet, this milestone comes with a cloud of controversy, rooted in issues of transparency, fairness, and the imbalance of power in the campaign’s participation dynamics.

As Stable forges ahead with plans for global expansion and further fundraising campaigns, its long-term success will hinge not only on its capacity to deliver robust financial infrastructure but also on its commitment to fostering trust, transparency, and inclusivity within the blockchain community.