Stable deposit campaign hits $825M cap within minutes of surprise launch

Stablecoin protocol Stable launched a surprise pre-deposit campaign at approximately 1:00 a.m. UTC on Oct. 24, hitting its $825 million cap in under 10 minutes. The project's official announcement on X was not posted until around 1:10 a.m. UTC, after the deposit limit had already been reached, effectively shutting out users who were waiting for the public notice. The rapid fill has sparked community allegations of insider access, citing on-chain data showing that fewer than 20 wallets deposited roughly $600 million almost instantly. Further fueling the speculation are transaction records from the previous day on top depositor wallets, which appear to be preparatory transfers. In response, Stable posted on X that this was the first phase of the campaign and that more news would follow soon.