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Tether’s stablecoin payment L1 Stable has not done any new-token subscriptions (lottery/initial purchases) aimed at ordinary users; there have been two pre-deposit events. Its current FDV is $2.3 billion, and its all-time high was $3.1 billion.
Circle’s stablecoin payment L1 project Arc has new-token subscriptions aimed at institutions, with an FDV of $3 billion. It also doesn’t seem like there will be new-token subscriptions for ordinary users; there should likely be pre-deposit events instead.