Hourglass: The Stable pre-storage event reopens for 24 hours. If oversubscribed, distribution will be on a pro-rata basis.

On November 7, Hourglass published a notice regarding the progress of the second phase of the Stable pre-deposit activity, making the following adjustments: Deposit: Users can deposit via the Hourglass front end or directly on-chain (it is recommended to use the front end for security). The deposit window will reopen for 24 hours from the time this tweet is published (Beijing time 9:25), with a limit of 1 million USD per wallet and a minimum deposit amount of 1000 USD. Before the KYC phase is completed, funds can be withdrawn 1:1 at any time. Users who have not completed KYC can also withdraw at any time. If a deposit has been successfully made previously, it will still be included and considered qualified. Qualification and KYC: After the deposit window ends, users have 72 hours to submit KYC. After KYC review is completed, all qualified deposits will be transferred to the custodian, and then deposited with the banking partner. A portion of the qualified deposits will be sent to the banking partner in proportion, while the remaining portion can be withdrawn through the withdrawal contract. Distribution model: If the total qualified deposits exceed 500 million USD, they will be distributed proportionally. For example, if the total qualified deposits = 1 billion USD, each wallet will receive 0.5 times its deposit amount; the remaining portion can be withdrawn through the withdrawal contract. Settlement: The final distribution (in the form of USDT) will be settled to the Stable mainnet no later than December 31. Contract recovery: Depositors who accidentally set the contract address as the shareholder can recover their USDC after erroneous deposits are transferred to Anchorage custody through the transferToTreasury function.