Stablecoin blockchain Stable, backed by Bitfinex and USDT0, officially announced the launch of its pre-deposit event at 9:10 p.m. ET on Thursday.

Phase one of the event opened with an $825 million deposit cap that was reached within 30 minutes of the Stable team’s announcement.

This story is an excerpt from the Unchained Daily newsletter.

Onchain data shows that deposits had been enabled earlier than stated, going live at 8:48 pm ET. By the time of the official launch, significant inflows were already visible on the blockchain.

The top 10 deposit addresses contributed nearly $500 million in USDT, representing more than 60% of the total deposit volume. Among them, one address made a single deposit of 101 million USDT.