Altura is unwinding its multi-strategy stablecoin vault after processing millions in user withdrawals over 24 hours. CEO Ranveer Arora cited sustained redemption demand and market sentiment as the drivers behind the decision.
The shutdown comes shortly after Altura denied exposure to Main Street USD (msUSD), a stablecoin that recently lost its dollar peg.
Altura CEO Ranveer Arora Cites Withdrawal Pressure in Vault Closure
Arora said that Altura had processed more than 8.5 million in Tether (USDT) redemptions over 24 hours. That figure topped the $5 million cited a day earlier.
The executive noted the firm had notified counterparties and begun unwinding positions across exchanges, private credit, and real-world asset strategies. He mentioned that safeguarding user funds remained the firm’s focus, with each redemption handled in a “fair, transparent, and efficient manner.”
“While some positions can be redeemed immediately, others require standard settlement and redemption periods, and we are working closely with all counterparties to accelerate the process wherever possible,” he stated.
Altura Defends Its Record Against Speculation
The CEO also said he is “deeply disappointed” by how quickly unverified claims spread through the sector. He pointed to no particular source. Earlier, Altura had said it cleared more than $5 million in withdrawals.
“Altura has always operated with transparency and integrity, and it is unfortunate to see unfounded narratives contribute to market fear and withdrawal pressure,” he added.
Altura also addressed the msUSD depeg on its official account. It said the event sat entirely outside its operations. The protocol said its HyperEVM lending vault and associated markets remained unaffected.
Source: BeInCrypto
