Altura to wind down stablecoin vault after surge in withdrawals
DeFi platform Altura said it will gradually shut down its yield-bearing stablecoin vault after processing more than 8.5 million USDT in withdrawal requests within 24 hours. The protocol said it is carrying out an orderly redemption process to return all user funds, though no timeline has been provided.
Redemptions follow market shock from msUSD collapse
The move comes after turmoil linked to Main Street’s msUSD stablecoin, which lost over 70% of its value after its proof-of-solvency partner, Accountable, ended their agreement citing verification issues. Although Accountable also provides reporting services for Altura, the company said its vaults had no direct exposure to msUSD or related products.
Altura attributed the spike in withdrawals to rapid market speculation following the depegging event.
Assets being unwound across multiple strategies
At its peak, the vault held about $39 million in total value locked on HyperEVM. Funds were allocated across funding-rate arbitrage, market-making, and real-world asset strategies. The company said counterparties have been notified and positions across exchanges, private credit markets, and real-world assets are now being unwound to meet redemptions.
Market data indicates withdrawal queues are being processed as Altura exits these external allocations.
Other services remain operational
Altura stated that its HyperEVM lending vault, USDT/AVLT market, and Ethereum-based borrowing services continue to operate normally and are not affected by the shutdown.
The platform said the focus remains on completing redemptions and returning user assets as it de-risks the vault. No completion date has been announced.
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