Tether price

With the passage of the Stablecoin Act, stablecoins are moving from crypto assets to the mainstream stage of global payments, and the "stablecoin public chain" has become the focus of a new round of competition in the industry. From Stable incubated by Tether and Bitfinex, Arc launched by Circle, and Tempo supported by Stripe, important players have stepped down to lay out the underlying facilities in an attempt to redefine the efficiency and boundaries of stablecoins. Why do stablecoins have to build their own "official chain"? As the exclusive underlying facility of USDT, how will Stable deeply synergize with Tether to build an advantage in this competition that will define the future payment landscape? ChainCatcher recently had a conversation with Stable CEO Brian Mehler, and the following is a transcript of the interview. 1. ChainCatcher: You recently joined Stable as CEO, can you share what prompted you to join Stable? What are some important work experiences before that? Brian Mehler: I'm thrilled to be at the helm of Stable during this critical time. I was excited by the company's vision of a borderless, frictionless digital finance network that connects emerging markets with institutional-grade infrastructure. Prior to joining Stable, I served as CFO and Managing Director at Gateway Capital and led the venture capital business at Block.one. This experience spanning traditional finance and crypto-native has given me a clear idea of how to propel Stable into the next phase of growth. 2. ChainCatcher: Bitfinex has previously invested in another stablecoin-specific chain, Plasma, why did it and Tether personally build a Layer1 blockchain designed for USDT? Can you share the intention and significance of the USDT public chain strategy? Brian Mehler: With over $1 trillion in monthly on-chain transactions, USDT has become the most widely used digital dollar globally, but it still relies on a universal blockchain that is not designed for payments. We recognize the growing need for a Layer 1 blockchain built specifically for USDT to address the specific challenges of institutional settlement and B2B cross-border payments. Stable's goal is to make USDT a key player in global payments. By building this platform, we aim to enhance the usability of stablecoins and support financial operations in emerging markets. Ultimately, we want to drive meaningful adoption and change the way business money flows around the world. While Plasma is a valuable project, our focus is on creating an infrastructure that prioritizes speed, predictable costs, and security for digital payments worldwide. 3. ChainCatcher: Circle launched Arc, and stablecoin issuers have developed dedicated public chains. What do you think of this trend? What is the impact of having a dedicated public chain on the market competitiveness of stablecoin issuers? Brian Mehler: Stablecoin trading volume surpasses Visa and Mastercard and is an iconic node. But this exposes the core problem: its underlying infrastructure is decentralized and non-dedicated. We respect and are happy to see more stablecoin public chains appearing that serve different use cases and have their own unique advantages. With a dedicated stablecoin public chain, Stable, USDT eliminates the friction between issuance and settlement, enabling instant and cost-predictable transfers. This is a powerful differentiator that provides real value to users. 4. ChainCatcher: What role did Tether and Bitfinex core team members play in the creation and development of Stable? How does it affect the direction of the project? Brian Mehler: Tether and Bitfinex provide Stable with deep strategic support and institutional resource connections, especially in terms of compliance architecture and system reliability, which ensure that Stable has enterprise-level strength at the architectural level and is highly synergistic with the development direction of the entire USDT ecosystem. Tether CEO Paolo Ardoino served as a project advisor and provided critical guidance in establishing our compliance architecture. Our mission is to build a seamless stablecoin payment infrastructure that integrates into everyday financial scenarios, eliminating efficiency bottlenecks in traditional finance while providing institutions with efficient settlement tools. We are confident that Tether will continue to support innovative projects like Stable that align closely with its ecological vision and can collectively drive industry progress. 5. ChainCatcher: USDT is now mainly issued and circulated on general-purpose public chains such as Tron and Ethereum. Compared with general-purpose public chains, what improvements will Stable make in terms of technology and product experience? Brian Mehler: The most critical challenges right now are high and volatile fees, as well as complex user experiences. Especially for businesses that require reliability and predictability in their payment processes, these issues can really hinder adoption. At Stable, we are committed to tackling these challenges head-on. Unlike generic public chains, our dedicated infrastructure eliminates unpredictable fees and ensures fast, reliable transactions. We strive to streamline the user experience, making it easy for businesses to adopt and integrate stablecoins. We have made great strides in infrastructure construction and are developing features that enhance usability and compliance. 6. ChainCatcher: What are the recent developments worth paying attention to in Stable? Are there any adjustments to the timeline for the launch of the testnet and mainnet? Brian Mehler: Recently, Stable has made progress on several key areas. First, our core executive team has been assembled and confirmed to work with a number of hosting and payment partners. One of the most important is the new partnership with PayPal, where PayPal Ventures has made a strategic investment in Stable. The two parties will jointly promote PYUSD's integration into Stablechain to enhance its distribution capacity, utility scenarios, and liquidity. In the coming weeks, we will also announce more ecosystem partners to fully prepare for the launch of the network. At the product level, our non-custodial wallet, Stable Pay, opened early registration to users two weeks ago. The testnet is currently running smoothly according to the established roadmap, and the mainnet will go live in phases in the fourth quarter of this year as planned. While pursuing progress, we have always prioritized network security and stability and institutional-level requirements to ensure that the mainnet launch is foolproof. 7. ChainCatcher: How to attract developers and dApp ecosystems to build on Stable? What opportunities do ordinary users have to participate in the Stable ecosystem? Is there an incentive plan? Brian Mehler: We provide developers with comprehensive tool support: the platform is fully EVM-compatible, and existing applications can be easily migrated; The mainnet documentation will be available soon, and with a friendly API and powerful SDK, it will greatly simplify the development process. For the average user, Stable removes the main barriers to using stablecoins, such as fluctuating gas fees. With our non-custodial wallet, Stable Pay, users can seamlessly manage, send, and spend USDT, enjoying instant settlements and gas-free transfers, truly achieving "seamless entry." 8. ChainCatcher: From the perspective of real-world applications, which applications do you think will be the first to land on Stable? How do you think about the future of Stable-based applications? Brian Mehler: Stable Pay is the first app on our chain. In the future, we expect to grow a diversified application ecosystem around stablecoin settlement, including DeFi protocols, payment tools, and e-commerce solutions. These applications will be based on Stable's efficient infrastructure and jointly promote the innovation and popularization of stablecoins in various fields. 9. ChainCatcher: Regulation is an important variable in the development of stablecoins and public chains. How does Stable address global regulatory challenges? Brian Mehler: Stable places a strong emphasis on compliance, and we actively communicate with global regulators and industry experts to dynamically adapt to policy requirements. Currently, from the GENIUS Act in the United States to the regulatory framework for payment tokens in the UAE, we have seen a gradual clarity on the global regulatory path. Our goal is to build a secure ecosystem that is fully compliant with regulatory requirements and earns the long-term trust of users, making it the most reliable choice in the market. 10. ChainCatcher: What do you think about the current development of the stablecoin public chain? At present, in addition to stablecoin issuers making their own exclusive public chains for their own stablecoins, there are also startups developing public chains for the entire stablecoin market, what roles will different players play? How will competition and partnerships unfold? Brian Mehler: Currently, the field of stablecoin public chains is entering a period of rapid development. We believe that the future of payments should not be a "walled garden" of silos, but a free flow of value and seamless interoperability. In this ecosystem, different types of participants will find their own positioning: issuer-led public chains focus more on the deep integration of financial infrastructure, while third-party public chains may focus more on generality and cross-chain services. Competition will drive technology iteration, but cooperation is the key to expanding the industry, especially in the underlying architecture such as protocol standards and cross-chain interoperability. 11. ChainCatcher: Does the rise of stablecoin public chains pose a threat to general-purpose public chains? How will the two coexist in the future? Brian Mehler: We don't think that stablecoin public chains will replace general-purpose public chains, and the two are more synergistic and focused. Universal chains are suitable for high-complexity and high-customization application scenarios, while stablecoin chains like Stable focus on achieving the ultimate in payment and financial services, with faster speed, lower costs, and a more stable experience. Analogy can be drawn to traditional finance, the Visa network will not replace SWIFT, they work together to support global capital flows at different levels and scenarios. Stablecoin chains and universal chains will also form a similar complementary pattern. 12. ChainCatcher: From a long-term perspective, what is the trend of the stablecoin public chain market in the next 3-5 years? How does Stable stay ahead of the curve? Brian Mehler: In the next 3-5 years, we believe that the stablecoin public chain market will show two clear trends: Regulatory standardization: The global regulatory framework is gradually becoming clearer, which will promote the large-scale implementation of institutional-level applications. Scenario Routine: Stablecoins will penetrate into real economy scenarios such as salary, retail, and trade, becoming a real payment tool. To stay ahead of the curve, Stable will focus on three areas: First, continue to consolidate the foundation of compliance and make the most regulated infrastructure; second, deepen cooperation with strategic partners and expand real use cases of stablecoins; Third, continuously optimize the end-user experience to make stablecoin payments simpler and more reliable.