Dear Stablians,

On June 26, 2023, the Financial Institution Division (FID) of the State of Nevada petitioned for an appointment of receivership over our custodian, Prime Trust, with the Eighth Judicial District Court of Nevada. This action was taken due to concerns raised by the FID regarding Prime Trust's operational and financial viability. Consequently, the court has been requested to appoint a receiver to assume control of Prime Trust's day-to-day operations and conduct a thorough examination of its financial affairs. More information along with a copy of the petition can be found here on the State of Nevada's website.

As valued users of Stably, we understand that this news will cause you some unease and uncertainty. Please rest assured that we are actively engaged in this process with all relevant parties to maximize the protection and return of customer funds. Our top priority is the security and integrity of your assets, and we are committed to taking all necessary steps to achieve the best potential outcome.

During this interim period, while the receiver and regulators continue to assess the situation, we regret to inform you that Stably's services via Prime Trust, including redemptions and withdrawals, will remain offline as mentioned in our previous update. We understand the inconvenience this may cause, and we apologize for any disruption to your normal activities. We will provide further updates as soon as we receive clear guidance from Prime Trust's receiver on the next steps.

We want to assure you that we are dedicated to minimizing any potential impact on your funds and are actively exploring alternative solutions to ensure the continuity of our services. Our team is diligently monitoring the Prime Trust situation and, at the same time, integrating with new custodians to restore services as quickly as possible (more details coming soon). We will continue providing updates as soon as new information becomes available, and we thank you for your understanding.

If you have any questions or concerns, please do not hesitate to reach out to our customer support team by using the support messenger or via email at support@stably.io. We are here to assist you and provide any clarification you may require.

Team Stably