SS #111 - Altura Winds Down Stablecoin Vault

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Altura had zero exposure to Main Street's msUSD yet watched $8.Altura had zero exposure to Main Street's msUSD yet watched $8.5M walk out the door in 24 hours once Accountable terminated its service agreement over unmet verification standards. The real story isn't the depeg, it's how one termination letter can trigger a bank run on a completely unrelated protocol.

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In Today's Edition:

• Headline: Altura Winds Down Stablecoin Vault

• Quick Bites: BoE Drops Proposed Holding Caps for Sterling Stablecoins

• Yield of the Week: Alpha USDC Delta V2's 25.23% APY

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HEADLINE

State of play: DeFi protocol Altura is winding down its stablecoin yield vault after processing over $8.5M in withdrawals in 24 hours, triggered by contagion fears from Main Street's msUSD depegging.

• Main Street's msUSD crashed over 70% Saturday after proof-of-solvency provider Accountable terminated its service agreement over unmet verification standards.

• Altura had no direct exposure to Main Street but uses the same proof-of-solvency provider, Accountable, sparking contagion fears across similar protocols.

• The vault peaked at $39M TVL on HyperEVM, allocating across funding-rate arbitrage, market making, and RWA positions.

• Altura has begun unwinding positions across exchanges, private credit, and RWA strategies, warning some redemptions may take longer to complete.

What’s Next: Altura unwinds across exchanges, private credit, and RWA positions with some redemptions delayed; watch for further fallout across protocols sharing Accountable as their proof-of-solvency provider.

Why it Matters: A protocol with zero direct exposure still ran a bank run because it shared a solvency verifier, exposing how fragile the trust layer is across DeFi yield infrastructure.

Our Take: Altura is collateral damage, but the real lesson is structural: outsourcing solvency verification to a single third party means one termination letter can detonate unrelated protocols.

QUICK BITES

• MoneyGram joins Solana as validator amid stablecoin payment push.

• Bank of England drops proposed holding caps for sterling stablecoins.

• Altura winds down stablecoin vault after extreme level of withdrawal requests.

• S. Korea's Toss Bank to test blockchain-based financial infrastructure on Solana.

YIELD OF THE WEEK

Alpha USDC Delta V2: 25.23% APY

• The vault accepts USDC deposits and deploys capital into delta-neutral strategies targeting funding spreads, basis trades, and market inefficiencies, with ~$22.23M in total deposits and 0 idle liquidity.

• Capital is primarily deployed into AVLT/USDC (~$4.48M at 100% utilization) and reUSDe/USDC (~$8.33k at 100% utilization), with both markets fully utilized and no liquidity buffer currently available.

• Yield is generated from delta-neutral arbitrage across structured markets, with individual market APYs of 32.45% on AVLT and 28.51% on reUSDe, net of a 10% performance fee and 0% management fee.

WOUSD/OUSD LP (Pendle): 20.24% APY

• The pool accepts WOUSD deposits, a wrapped non-rebasing vault token backed by Origin's OUSD stablecoin, maturing December 17, 2026, with ~$1.63M in pool liquidity.

• Capital is split across WOUSD SY (~$1.42M, 87.38%) and PT WOUSD (~$205k, 12.62%), earning a blended yield from underlying OUSD strategies and LP fees.

• Yield is generated from Origin's underlying stablecoin strategies accruing through exchange rate appreciation, with LP APY composed of 20.22% OUSD yield and 0.02% LP fees.

msUSD-frxUSD LP: 13.8% APY

• The vault accepts frxUSD/msUSD Curve LP token deposits and automatically compounds trading fees and CRV emissions from the frxUSD/msUSD Curve pool, with ~$1.52M in TVL and a 30-day APY of 12.3%.

• Capital is fully deployed into the CurveBoostedFactory-FrxMsUSD strategy at 100% allocation with a 2.44x boost, earning boosted CRV rewards through Curve's gauge system on the frxUSD/msUSD stable pair.

• Yield is generated from Curve trading fees and CRV gauge emissions, compounding automatically through share price appreciation at 13.8% APY, net of a 10% performance fee and 0% management fee.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.