Stable initiated refunds totaling $634 million on Nov. 18, following an oversubscription during its deposit event that limited guaranteed participation to the first $1,000 per user. The company has already returned 453 million USDC to investors. This comes after the second pre-deposit phase raised more than $860 million, exceeding the $500 million cap for qualifying deposits and prompting proportional allocation. Deposits below certain eligibility thresholds or via excluded methods remain redeemable but were not fully qualifying.