Altura begins winding down stablecoin yield vault after surge in withdrawal requests.
Altura is winding down its stablecoin yield vault following a surge of over 8.5 million USDT in withdrawal requests within 24 hours, driven by market concerns after Main Street's MSUSD stablecoin lost its peg. Although Altura had no direct exposure to Main Street, sustained withdrawal demand and negative market sentiment prompted an orderly closure of the vault. The company is unwinding positions across various assets and working with partners to return capital to users as quickly as possible, with no set completion date. This event highlights risks in stablecoin yield products amid growing demand for tokenized real-world assets and stablecoin yields.
➤ Altura is closing its stablecoin yield vault due to a significant surge in withdrawal requests, triggered by market concerns over a stablecoin de-peg. ➤ Despite no direct exposure to the de-pegged stablecoin, Altura is unwinding positions to return capital to users amidst negative market sentiment. ➤ The event underscores the risks associated with stablecoin yield products, especially with the increasing demand for tokenized real-world assets.
