Altura to Wind Down Stablecoin Yield Vaults After Surge in Withdrawal Requests

Altura, a decentralized finance protocol, will gradually wind down its stablecoin yield vaults after a wave of withdrawal requests.

The Block reported on June 22 that Altura Chief Executive Officer Ranveer Arora wrote on X that the protocol had processed more than 8.5 million USDT of instant redemption requests over the past 24 hours. Given continued withdrawal demand and market conditions, Altura decided to shut the vaults in an orderly manner.

Altura’s vaults, built on HyperEVM, at one point held as much as $39 million in total value locked. The product generated returns by allocating deposited stablecoins to funding-rate arbitrage, market-making and real-world asset, or RWA, investment strategies.

Altura is now liquidating assets held on exchanges, private credit positions and RWA-related positions, and said some assets may take time to recover.

The episode appears to have been triggered after msUSD, a yield-bearing stablecoin from Main Street, lost its peg. The token fell more than 70% after solvency attestation firm Accountable ended its verification contract.

Altura said it has no direct connection to Main Street. Still, market concern appears to have deepened because both used the same solvency attestation provider. Arora wrote that baseless speculation and misinformation had fueled market fear and added to withdrawal pressure.