Crypto Whale Drops $500M Bomb on Stable’s Pre-Deposit Phase

One anonymous whale just reshaped Stable's entire funding landscape with a single transaction.

The $500 Million Power Play

Forget gradual accumulation—this institutional-sized bet bypasses traditional fundraising entirely. The pre-deposit phase suddenly looks more like a coronation than a capital raise.

Market makers are scrambling to adjust their models while retail investors watch in awe. When one entity controls this much of the initial liquidity, every subsequent move becomes magnified.

Meanwhile, traditional VCs are probably recalculating their entire investment thesis—nothing disrupts like a half-billion dollar 'hold my beer' moment in crypto.

A single whale added $500M to Stable

The Stable fundraising event filled fast, but on-chain analysts noted over 60% of the liquidity came from a single whale. What is more, the whale deposited USDT from multiple wallets even before the official announcement for the pre-deposit campaign. 

On-chain analysis showed the vault for Stable was filled with up to $600M from multiple whale wallets even 30 minutes before the announcement. 

Despite the funds coming from different wallets, they were tracked to a single OG ethereum whale, with over $700M in reserves. 

The whale’s wallet was funded by the BTSE exchange. Just before depositing, the entity added 300K ETH TO Aave, borrowing 500M USDT. The same whale previously also borrowed funds to deposit to Plasma, leading investigators to conclude that the projects were finding ways to fund themselves through previously accrued reserves. 

The community also commented on the reality of the pre-deposit campaign, which ended up being a whale event, rather than a series of retail deposits. The actual deposit window was short, and did not reflect organic demand for USDT on Stable. In total, Stable counted 194 depositors, suggesting the vault and its perks may be reserved for whales, and liquidity may be highly centralized. 

Stable arrives as yield becomes the next crypto trend

Stable arrived as more crypto investors shifted to stablecoin yields. Retail risk-taking has diminished, and instead some holders prefer to loan out stablecoins. 

Stablecoin yields have a broad range, depending on the type of coin and the protocol. Currently, USDC and USDT on Maple have the highest yield of over 7%. There is also a drive of deposits to sUSDs, Sky Protocol’s new yield-bearing asset.

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