Pre-Deposit Campaign Phase 2: Revised Path Forward
Due to overwhelming traffic in the Stable Pre-Deposit vault, we are making the following changes to ensure fair participation and ample time for all users.
Deposits:
• Users can deposit via the Hourglass frontend or directly on chain (frontend recommended for safety).
• Deposits will reopen for another 24 hours from this tweet, up to $1M per wallet. Minimum remains $1k.
• Funds remain withdrawable 1:1 at any point until the KYC phase is complete. Non-KYC users may withdraw anytime.
• If you successfully deposited earlier, your deposit remains included and will be treated as eligible.
Eligibility & KYC:
• Users have 72 hours to submit KYC after the deposit window ends.
• After KYC review, all eligible deposits will be moved to the custodian before being deposited with our banking partner.
• A pro-rata amount of eligible deposits will be sent to our banking partner, and any remainder will be claimable via a withdrawal contract.
Allocation Model:
• If total eligible deposits exceed $500M, allocations will be pro-rata.
• Example: If total eligible = $1B, each wallet receives 0.5× its deposited amount; the remainder is claimable via the withdrawal contract.
Settlement:
• Final allocations (in USDT) will settle to Stable mainnet by December 31st at the latest.
Contract Recovery:
• Depositors that accidentally set the contract address as the owner of shares will be able to recover their USDC after the erroneous deposits are transferred to Anchorage custody via the transferToTreasury function.
Update on the @Stable Pre-Deposit Vault — Phase 2:
We’ve seen exceptionally high traffic during Phase 2, which maxed out RPC capacity on the Hourglass interface with 4 RPCs handling over 80k calls per second.
Deposits into the Hourglass institutional vault are paused due to exceptionally high demand. All user deposits remain secure.
We understand that this caused a poor depositing experience for many participants, and we sincerely apologize for the frustration.
Updates on next steps will made be available soon.
A few updates on the @Stable Pre-Deposit Vault — Phase 2:
The vault has now surpassed $1.6B in deposits across over 25,000 wallets. We’re grateful to see such strong participation from the community.
Deposits close in under an hour at 1:25 AM UTC.
FAQs:
- Each wallet will have 72 hours to complete verification once KYC links are distributed. Links will be made available a few hours after deposits close.
- Users who were unable to complete KYC earlier will be able to do so during this window.
- Only users that pass wallet screening will receive KYC links.
- KYC links will only be available through the Hourglass frontend.
- Users who believe their KYC has failed for an invalid reason will be able to open up a support ticket.
- If total eligible deposits exceed $500 million, allocations will be pro-rata, and any remaining amount will be withdrawable.
- For eligible users, any unallocated portion of their deposit — funds not included in the pro-rata allocation — will be available to claim by the end of next week.
- Users who choose not to KYC or are marked ineligible may withdraw their funds at any time.
Deposits for the @Stable Pre-Deposit Vault — Phase 2: are now closed.
KYC links will be distributed in the coming hours. Each wallet will have 72 hours to complete verification after the links are live.
~$1.8B has been deposited across 26,000 wallets. Thank you to everyone who participated in this phase of the Stable Pre-Deposit Campaign.
FAQ: https://t.co/fKpcgBw6FM
KYC links for the @Stable Pre-Deposit Vault — Phase 2 will be available no later than Sat Nov 08 2025 11:59pm UTC.
Once links are published, users will have 72 hours to complete KYC.
KYC links for the @Stable Pre-Deposit Vault — Phase 2 are now live.
We’re excited to share that over 24,000 wallets, representing ~$1.74 billion in deposits, successfully passed wallet screening.
FAQs below:
- Each user has until Tuesday, Nov 11th at 11:59 PM UTC to complete KYC.
- Users who were unable to complete KYC earlier can do so during this window.
- If you deposited and did not receive a KYC link, your wallet did not pass Chainalysis wallet screening. You can withdraw your USDC directly from the contract at any time.
- KYC links are only accessible through the Hourglass frontend in the user dashboard. Never trust links sent elsewhere.
- KYC vs KYB: KYC is for individuals; KYB is for businesses and entities.
- If your KYC is rejected, do not resubmit immediately. A reopening process will be shared soon in the Hourglass Discord for users whose applications may have been rejected in error (e.g., blurry photo or expired ID).