Stablecoin and trading company Stable has temporarily suspended many services. June 22nd Because I’m trying to find a new custody partner.
The company will suspend deposits, withdrawals, and trading on its cryptocurrency trading platforms Stable Ramp and Stable Prime. The company has also stopped onboarding new users to these services.
Stable will stop minting and redeeming Stable USD (USDS) on four blockchain networks. We will also stop minting and redeeming BTCS and ETHS bridge tokens on the Chia Network.
The announcement did not say whether the company’s stablecoin-as-a-service or OTC trading desk would be affected by the outage.
Stable impact of Prime Trust service outage
The Stable outage was due to a service outage at custody partner Prime Trust, which suspended fiat and cryptocurrency deposits on June 21. In a message, Prime Trust instructed Statable to stop sending assets for custody, especially digital assets. Prime Trust also announced it would stop accepting new customer contracts.
Prime Trust has announced that the Nevada Department of Financial Institutions has ordered the suspension of some services. He did not mention BitGo’s failure to acquire Prime Trust.
Prime Trust said it is working with the Nevada financial institutions sector to resume operations. Stability confirmed this, saying it had reached out to Prime Trust, but said it was also working to add new custody partners.
Neither Stablely nor Prime Trust has indicated when service will be restored.
This post, “Stable Suspends Withdrawals and Minting After Prime Trust Stops Deposits,” was first published on CryptoSlate.
