Altura begins wind-down of stablecoin yield vault after $9 million in withdrawals
The HyperEVM vault, which once held $39 million, is unwinding exchange, private credit and real-world asset positions after redemption pressure intensified amid contagion fears tied to Main Street’s msUSD depegging.
Altura said it is beginning an orderly wind-down of its stablecoin yield vault after withdrawal requests surged, with later reporting putting total withdrawals at about $9 million, including more than 8.5 million USDT in instant redemptions over 24 hours. CEO Ranveer Arora said the protocol has started unwinding positions across exchanges, private credit and real-world asset strategies, while warning that some redemptions may take longer as less liquid positions are exited. The HyperEVM vault had previously reached a peak total value locked of $39 million. The move followed market speculation after Main Street’s yield-bearing msUSD fell more than 70% when proof-of-solvency provider Accountable ended its service agreement with the issuer, saying Main Street could not meet its verification standards. Altura said it has no direct exposure to Main Street and that its HyperEVM lending vault, Alpha USDT Prime, the associated USDT/AVLT market and borrowers using its Ethereum vault were unaffected.
- proof-of-solvency: A verification process meant to show whether a company or protocol holds sufficient assets to cover liabilities.
- total value locked: The total amount of assets deposited in a DeFi protocol or product.
- funding-rate arbitrage: A trading strategy that seeks to capture payments in derivatives markets while reducing directional price risk.