Stably pauses withdrawals, minting after Prime Trust halts deposits News ▸ US ▸ Stablecoins
Stably pauses withdrawals, minting after Prime Trust halts deposits
The temporary halt is due to Prime Trust's halting of fiat and crypto deposits.
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Updated: Jun. 23, 2023 at 1:39 am UTC
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Stablecoin and trading firm Stably is temporarily halting numerous services on June 22 as it attempts to find new custodial partners.
The company will pause deposits, withdrawals, and buying and selling on its cryptocurrency trading platforms, Stably Ramp and Stably Prime. The company has also stopped onboarding new users to those services.
Stably will stop minting and redeeming Stably USD (USDS) on four blockchain networks. It will also stop minting and redeeming its BTCS and ETHS bridge tokens on the Chia Network.
The announcement does not state whether the company’s stablecoin-as-a-service or its OTC trading desk will be affected by the service halt.
Prime Trust service halt affected Stably
Stably’s service halt is due to the breakdown of services at its custodial partner, Prime Trust, which halted fiat and crypto deposits on June 21. In a message, Prime Trust told Stably to stop sending assets — “especially digital assets” — for custody. Prime Trust also said it would stop signing new customer contracts.
Prime Trust said that the Nevada Financial Institution Division ordered it to halt certain services. It did not mention BitGo’s failed acquisition of Prime Trust.
Prime Trust stated that it is working with the Nevada Financial Institution Division to resume operations. Stably acknowledged this and said that it had contacted Prime Trust, but also said that it is also working to add new custodial partners.
Neither Stably nor Prime Trust said when services might be restored.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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Stably is a fast growing FinTech company from Seattle founded in 2018 by a team of former bankers and Amazon software engineers.