StableChain mainnet launch marred by redemption failures and gas shortages; STABLE token tumbles ~25% amid large pre‑launch deposits tied to team
first published 2025-12-09T15:41:51Z
StableChain launched mainnet and native token STABLE on Dec. 8. Early users reported they could not redeem converted deposits back into USDT and lacked gas (gUSDT) to pay fees, forcing bridge workarounds (Stargate, Jumper, Relay). STABLE’s price fell roughly 25% (from $0.235 to near $0.018 per CoinGecko). The team has not publicly addressed the issues. The launch follows controversy over an $825M pre‑launch vault largely filled before public access, with about $500M from wallets tied to the Stable team. Stable is backed by Bitfinex, which co‑led a $28M seed round.
AI Analysis
Users cannot redeem converted deposits to USDT, lacked gas (gUSDT) and had to use cross‑chain bridges; STABLE price dropped ~25%; a pre‑launch $825M vault was largely filled before public access with ~$500M from wallets tied to the team; Bitfinex co‑led a $28M seed round. These concrete operational failures, price collapse and centralised pre‑launch deposits are factual reasons traders would react.
Expected Investor Sentiment: Bearish
Potential Market Impact: Significant
