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Written by Ryan Yoon and Chi Anh Compilation: Vernacular Blockchain This report, written by Tiger Research, provides an in-depth analysis of the strategic layout of Stable, a blockchain platform with USDT at its core. Stable is committed to driving mass adoption of stablecoins through peer-to-peer (peer-to-peer) transfers with zero gas fees, transaction confirmations in less than 1 second, and a streamlined user experience. summary Stable is positioned as a "Trojan horse" in the stablecoin market, with USDT as the core and the goal of mass adoption. It addresses the current main pain points of stablecoins by: USDT transfers with zero gas fees, eliminating high transaction costs; Sub-second transaction confirmation to meet real-time payment needs; The simplified user experience makes it easy for ordinary users to get started. Stable's strategy is to attract users through a free and smooth transfer experience, gradually expanding into payments, decentralized finance (DeFi) services, and partnerships with institutions to create a global payment ecosystem with USDT at its core. 1. Stablecoins: The Quietly Rising "Trojan Horse" Stablecoins enter the crypto market in a low-key way, like a "Trojan horse". Initially seen as a tool to reduce price volatility, they are now a core pillar of the crypto ecosystem. The stablecoin market, led by USDT, has exceeded $150 billion, with more than 350 million users, and its trading volume has even surpassed that of Visa. This not only makes stablecoins a representative of crypto assets but also makes them an important part of the global payment network. Stablecoins play a "bridge" role in the following scenarios: Centralized Trading Platforms (CEXs): Serve as the primary medium of conversion between fiat and cryptocurrency; Decentralized Finance (DeFi): Providing standard assets for liquidity provision and lending; Cross-border payments: Faster and lower-cost transfer options than traditional banks. The change in market behavior is obvious. In the past, crypto trading primarily relied on volatile token pairs like BTC/ETH, with prices denominated in Bitcoin. Today, stablecoin trading pairs such as BTC/USDT and ETH/USDT dominate, and DeFi returns are mostly denominated in USDT. In regions such as Southeast Asia and Latin America, USDT has even begun to replace USD cash for everyday payments. Stablecoins have evolved from a safe haven to a "universal currency" in the crypto ecosystem. 2. The shadows behind growth: the three major bottlenecks of stablecoins Despite the booming stablecoin market, its infrastructure faces three major structural challenges: High and unpredictable transaction fees Stablecoins operate on multiple blockchains, but gas fees can skyrocket when the network is congested. For example, transferring $10 USDT may incur a $20 fee, which runs counter to the goal of stablecoins as everyday payment tools. Transaction confirmation takes too long On Ethereum, stablecoin transfers can take minutes or even longer to confirm. For scenarios that require real-time settlement, such as online payment or offline consumption, this delay severely limits the application scenarios. Complex user experience Managing gas fees, wallets, and private keys remains a challenge for the average user. Compared with simple and intuitive payment tools such as PayPal, the current stablecoin experience is not friendly enough for non-technical users. The limitations of these infrastructures hinder the further adoption of stablecoins. Although stablecoins have become the default asset in the crypto world, their daily utility still needs to be greatly improved in mainstream markets. The "Trojan horse" of stablecoins has successfully penetrated the crypto market, and next, it needs to break through technical bottlenecks and enter the fields of traditional finance and mainstream payments. 3. Stable: The next Trojan Horse Instead of reinventing a new stablecoin, Stable chose to optimize the ecosystem of the existing market leader, USDT. Rather than a general-purpose blockchain, Stable is a high-speed network built specifically for USDT, aiming to address the three major pain points of existing stablecoins. Stable's three core goals: Zero gas fee peer-to-peer transfer: Eliminate the high cost of small transfers; Sub-second transaction confirmation: Achieve a near-real-time payment experience; Streamlined User Experience: Makes it easy for casual users to use without a technical background. All three complement each other: zero gas fees lower the barrier to entry, quick confirmations improve usability, and a streamlined experience appeals to a wider user base. Stable is not only a blockchain but also an infrastructure with a $160 billion USDT ecosystem at its core. 4. Stable's technical architecture: how to achieve the goal Stable is currently in the testnet stage and is moving towards a mainnet release. Its technical architecture is designed around the following core functions to ensure that the vision is implemented. 4.1. Zero Gas Fee USDT Transfer: EIP-7702 with Account Abstraction The Stable network supports two types of tokens: USDT0: USDT bridged from other networks (such as Ethereum) through cross-chain bridges; gasUSDT: A token used to pay transaction fees, pegged 1:1 to USDT0, and only used for inter-network fee payments. With EIP-7702 and Account Abstraction, Stable enables peer-to-peer transfers with zero gas fees. Account abstraction merges traditional external accounts (EOAs, such as MetaMask) and smart contract accounts (CAs), allowing users to use smart contract functionality without additional setup. For example, users can pay gas fees directly with USDT or waive gas fees through the "Paymaster" service. Example operation: User Ryan transfers 100 USDT0 to Jay via MetaMask; The wallet automatically requests to waive gas fees, and Paymaster service pays on behalf of the wallet; Ryan deducted 100 USDT0 and Jay received 100 USDT0 at no additional cost. This experience is similar to PayPal, eliminating the need for users to manually calculate or hold GasTokens, greatly simplifying operations. 4.2. Sub-second transaction confirmation Stable uses the StableBFT consensus algorithm to generate a block every 0.7 seconds, and transaction confirmations can be completed in just one time, avoiding the common "pending confirmation" state. In addition, Stable is developing Block-STM parallel processing technology, which allows independent transactions to be processed simultaneously, improving network efficiency, similar to opening several more checkout counters in a supermarket to reduce queue times. In the future, Stable plans to upgrade to Autobahn DAG consensus to support multi-block parallel proposals, and internal testing has achieved up to 200,000 TPS (transactions per second). This sets the stage for real-time payment scenarios. 4.3. Simplified User Experience Stable is compatible with the Ethereum ecosystem, allowing users to continue using familiar tools such as MetaMask and Etherscan, but with a more optimized experience: MetaMask supports USDT0 transfers with zero gas fees; Etherscan presents USDT trading history in a visual way. Through the LayerZero cross-chain bridge, USDT can be seamlessly imported into the Stable network, using the OFT (Omnichain Interoperable Token) standard, eliminating the problem of asset fragmentation in traditional cross-chains. For example, whether you bridge from Ethereum or Arbitrum, you will get a unified USDT0. Additionally, Stable plans to launch the Stable Name System, replacing complex wallet addresses with easy-to-read names like "ryan.stable," further enhancing user-friendliness. 4.4. Other technical highlights StableDB database: Significantly reduces data write latency and improves transaction processing speed through memory-first storage mechanisms and memory-mapped file I/O technology. Guaranteed Blockspace: Provides dedicated transaction capacity for enterprises to ensure stable operation even during peak periods, similar to highway buses. Confidential Transfer: Supports hiding transaction amounts while meeting anti-money laundering (AML) and know-your-customer (KYC) requirements. StableVM++ Engine: Upgrades the existing Go language engine to C++, optimizes memory management, and is expected to improve performance by 6 times. 5. Stable's Ecosystem Expansion: Three Scenarios Stable attracts users with zero gas fees, fast confirmations, and a simple experience, similar to a "loss-leader" strategy. Once the user base is established, its business model will expand through the following scenarios. 5.1. Scenario 1: Enterprise Services and Cooperation Stable works with businesses through advanced services like Guaranteed Blockspace, especially in the field of cross-border payments. Compared to traditional international transfers, Stable can significantly reduce costs and time. For example, fintech companies like Wise can integrate Stable's infrastructure to enhance the customer experience, while Stable charges through transaction volume. Crypto trading platforms can also optimize USDT deposit and withdrawal processes through Stable, attracting high-frequency institutional clients. 5.2. Scenario 2: Rapid growth of on-chain services Zero gas fees and high-speed transactions will drive the popularity of DeFi and on-chain services. Small DeFi operations, such as $100 in liquidity provision, become economically viable, attracting more users to participate. In addition, the micropayment scene (such as subscriptions, in-game purchases, or tips) will flourish. For example, tipping a YouTuber for $1 or paying $0.1 to read an article will become possible. With exponential growth in trading volume, Stable can monetize smart contract execution fees. 5.3. Scenario 3: Integrate into the real economy In Southeast Asia and Latin America, USDT has been used for some offline payments. If Stable solves the cost and speed issues, the offline payment scenario will expand rapidly. For example, buying a $2 cup of coffee in USDT in Vietnam or shopping at a convenience store in the Philippines can become a daily habit. Stable can build a global payment network and charge small transaction fees by providing payment terminals for merchants and digital wallets for consumers. If central bank digital currencies (CBDCs) are slow to advance, Stable's convenience could make it a mainstream choice. 6. Stable's real strategy Stable's strategy is clear: attract users with free USDT transfers and a simple experience, and gradually build a payment ecosystem with USDT as the core. Through network effects, users and transaction volumes will grow rapidly, similar to Amazon's early days of attracting customers with low-priced books and eventually monetizing cloud services and advertising. The real goal is to become the hub of the USDT ecosystem, allowing all transactions to flow through Stable. Once the network effect is formed, it will be difficult for users to leave, and Stable will solidify its market position. This is the power of the new "Trojan Horse".