Hourglass Completes Stablecoin Deposit Phase 2, Announces Allocation Plan
- Hourglass concludes Stablecoin Deposit Phase 2 with pro rata allocation.
- Over 10,000 wallets contributed $1.1 billion in deposits.
- Ensure regulatory compliance and equitable access for smaller participants.
Hourglass completed Stablecoin Deposit Phase 2, capped at $500 million with more than $1.1 billion deposited across 10,000 wallets, emphasizing equitable access and compliance.
The allocation model underlines fairness and market transparency, impacting USDC and USDT assets, while setting a compliance benchmark for stablecoin protocols.
Hourglass has officially concluded Stablecoin Deposit Phase 2, implementing a pro rata allocation mechanism that caps deposits at $500 million. Over 10,000 verified wallets contributed, highlighting significant community participation in this financial initiative.
The main entities involved include Hourglass and the Stable protocol. They focus on creating a fair distribution for deposits, favoring smaller participants. This marks an important shift from the Phase 1 allocation issues that were criticized for potential exploitation. As stated by Hourglass Official Channel, Hourglass, “For every eligible deposit, each user’s first $1,000 is allocated 100%. Deposits exceeding $1,000 are distributed pro rata.”
With over $1.1 billion in deposits, this phase reshapes the landscape of stablecoin liquidity. The pro rata system aims to prevent dilution by large depositors, ensuring fair allocation. It has sparked notable interest from both institutional and retail investors.
KYC enforcement and a one-wallet-per-user policy were required to block multi-wallet abuse observed in previous phases. These adjustments strive to meet regulatory demands, securing compliance particularly under scrutiny in regions like Japan.
Refunds are scheduled next week for unallocated deposits. This approach shows Hourglass’s commitment to transparency and fair financial practices, with plans to expand ecosystem engagement through transparent governance.
Future implications suggest broader stability and reach for the Stable USDT, potentially enhancing liquidity in decentralized exchanges and lending protocols. This structural shift may serve as a market model for other projects under increasing regulatory oversight.
