Stablecoin Public Blockchain Stable Amends Pre-Minting Rules, Changing Hard Cap to Allow for Overfunding and Introducing a 24-Hour Delay

BlockBeats News, November 7th, Hourglass released a post explaining the progress of the Stable Pre-Deposit Activity Phase 2, making the following adjustments:

Deposit: Users can deposit through the Hourglass frontend or directly on-chain (frontend usage recommended for security), the deposit window will reopen for 24 hours from the time of this post (Beijing Time 9:25 AM), with a per-wallet limit of 1 million US dollars, and the minimum deposit amount remains at 1,000 US dollars. Funds can be withdrawn at a 1:1 ratio at any time before the KYC phase is completed. Users who have not completed KYC can also withdraw at any time. If a successful deposit was made previously, the deposit will still be counted and deemed eligible.

Eligibility and KYC: After the deposit window closes, users have 72 hours to submit KYC information. Once KYC verification is completed, all eligible deposits will be transferred to the custodian and then deposited at the banking partner. Among the eligible deposits, a portion will be sent proportionally to the banking partner, and the remaining portion can be withdrawn via the withdrawal contract.

Allocation Model: If the total eligible deposits exceed 500 million US dollars, they will be allocated proportionally. For example, if the total eligible deposits = 1 billion US dollars, each wallet will receive 0.5 times its deposit amount; the remaining portion can be withdrawn via the withdrawal contract.

Settlement: The final allocation (in USDT form) will be settled on the Stable mainnet no later than December 31st.

Contract Recovery: Depositors who accidentally set the contract address as the deposit address can recover their USDC after the erroneous deposit is transferred to Anchorage custody via the transferToTreasury function.