Update: The Stablegains service has now been discontinued.
How can I withdraw to my bank account?
You can request a USDC withdrawal to most major crypto exchanges, including Coinbase and Kraken. These exchanges make it easy to convert your USDC to USD (Coinbase allows 1:1 conversion) and withdraw that to your bank.
USDC withdrawals are available at the current market rate of UST.
For those users who have not already withdrawn UST directly, getting funds out via USDC is another way of receiving the remaining value of your funds.
To access that, simply go to the withdrawals Tab in your Stablegains app. You might need to download the latest app update or log in on the web app.
Please note that due to the extreme market volatility of the current events, the value of 1 UST is significantly less than 1 USDC. You will receive an amount of USDC back to your account which reflects the market rate of UST.
What amount can I withdraw in USDC?
If you have deposited into Anchor Protocol via Stablegains, your holdings are in UST. Per our terms, all figures shown in the app represent UST amounts.
When you withdraw USD/USDC you will receive an amount that reflects the current UST rate. If the current UST rate is 0.15 you will receive 150 USDC for every 1000 UST in your Stablegains account.
How does the withdrawal work?
When you request a USDC withdrawal you're instructing us to convert your UST for USDC at a market rate. While UST is not at its peg, the conversion rate can be less than $1. At the time of writing, UST trades at ~$0.15. Between the time you request a withdrawal and we process it, the rate can change.
What is the process you follow with USDC withdrawals?
We attempt to batch-process requests at least once every business day, with the following steps:
- Send UST to an exchange supporting UST and USDC.
- Trade UST for USDC.
- Send USDC into our outbound wallet.
- Process USDC withdrawals from our outbound wallet to everyone within the current batch. The USDC amount distributed is a proportional amount based on the rate at which the batch was converted.
We cover all gas fees throughout the process.
Please note: Terra and digital asset exchanges are entities, institutions and/or technologies not controlled by Stablegains. It is possible that processing a withdrawal may take longer than 24 hours due to forces outside of our control related to any of those and could potentially take meaningfully longer than that.
What if I want to control the timing/rate of the conversion?
You're welcome to withdraw UST directly and convert it yourself using an exchange.