Hourglass: Stable pre-deposit phase two concludes, with over 10,000 verified wallets contributing over $1.1 billion in eligible deposits.

Hourglass announced on its X platform that the second phase of its Stable pre-deposit program has concluded, with over 10,000 verified wallets contributing more than $1.1 billion in eligible deposits. Phase two employed a pro-rata allocation mechanism, distributing funds based on all eligible deposits and providing a minimum guaranteed allocation of $1,000 to prevent dilution by larger depositors for smaller participants—the first $1,000 of each eligible deposit was allocated pro-rata, with any amount exceeding $1,000 allocated proportionally. Hourglass added that the allocated funds are expected to be returned around the end of the year and are currently being transferred to the Anchorage custody platform, with $500 million to be allocated through top investment banks. More announcements will follow.