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Prime Trust halting deposit/withdrawal
Prime Trust halting deposit/withdrawal
Updated over a week ago

Dear Stablians,

We received the following notice from our custodian, Prime Trust, on June 21st, 2023:

"Prime Trust regretfully informs all of you that, by order of the Nevada Financial Institution Division received on Wednesday, June 21st, 2023, Prime Trust is halting all deposits of fiat and digital assets for custody. We will also be halting all withdrawals of fiat and digital assets for custody. Please take action immediately to stop sending client custody assets to Prime Trust, especially digital assets. During this period, we will suspend certain business expansion activities such as signing new customer contracts. Prime Trust is actively engaging the NV FID to determine next steps to remediate any concerns and return to business as usual as soon as possible. We sincerely apologize for this inconvenience and ask you to be patient with us while we work with the regulators to provide more clarification on the next steps."

Since Stably relies on Prime Trust as our regulated custodian, funds processor, convertible virtual currency exchanger and administrator, this sudden news means that we must now temporarily pause the following services/operations as well:

  • Stably Ramp onboarding, deposits/withdrawals, and buying/selling

  • Stably Prime onboarding, deposits/withdrawals, and buying/selling

  • Stably USD minting/redemption, including:

    • #USD on Bitcoin (BRC20)

    • USD on XRP Ledger

    • VeUSD on VeChainThor

    • USDS on all supported networks

  • BTCS and ETHS minting/redemption on Chia Network

We sincerely apologize for any inconvenience this may cause. As Prime Trust continues working to restore normal operations as quickly as possible, we are diligently working on integrating new custodian partners as well (more details to be announced soon). Our team has reached out to Prime Trust staff about the situation and we will announce more updates from Prime Trust as they come out.

For all support-related inquiries, please contact our support team via the support messenger and our representative will be happy to assist you.

Team Stably

UPDATE (August 2023): Prime Trust has been ordered into receivership by the Nevada Financial Institution Division. For the latest news and developments of the situation, please click here.

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