# Pre-iUSDT Vault

### Overview

The Pre-iUSDT Vault is part of Stable’s early access program, allowing participants to deposit USDC on Ethereum. After KYC approval, eligible balances may be deployed with our institutional partner ahead of Stable mainnet. When Stable announces public mainnet, KYC users can withdraw via the authorized LayerZero bridge and receive iUSDT on Stable.

### At a glance

* **Deposit asset:** USDC (Ethereum)
* **Vault Partner:** to be announced
* **Withdrawal asset** 
  * **KYC users:** iUSDT on Stable (via LayerZero)
  * **Non-KYC users:** USDC on Ethereum
* **KYC requirement:** Required for program participation

### Lifecycle

1. **Deposit** – Users deposit USDC during the deposit window and receive pre-iUSDT at a 1:1 ratio. All deposits start in the non-KYC pool.
2. **KYC** – Users complete identity verification with Sumsub. Once approved, balances shift from the non-KYC pool to the KYC pool and become eligible for deployment.
3. **Yield** – Hourglass deploys USDC from the KYC pool. Upon Stable mainnet,  deposits are returned in USDT to the KYC pool. Non-KYC users do not participate in the early access program.
4. **Withdrawals**
   1. **KYC users:** withdraw via the authorized LayerZero bridge and receive iUSDT on Stable.
   2. **Non-KYC users:** redeem USDC 1:1 on Ethereum at any time; they do not participate in the Stable early access program.

### Program Terms 

* **Deposit period start:** November 6th, 2025 at 2pm UTC
* **Cap:** $500m eligible USDC
* **KYC Deadline:** November 8th, 2025 at 2pm UTC

### KYC

* **Provider:** Sumsub handles identity verification for program participation. 
* **Flow:** user submits KYC → Sumsub review → on-chain status updates and approved balances move from the non-KYC pool to the KYC pool.
* **Effect on funds:** only KYC-approved balances are eligible for deployment; non-KYC balances remain in the contract and redeemable for USDC.

### Security & trust model

* **Segregated accounting** – The contract tracks non-KYC and KYC pools separately; non-KYC USDC never leaves the contract. The admin can withdraw KYC-approved USDC for deployment; this is later returned as USDT to the vault.
* **Non-upgradeable contracts & roles** – Contracts are non-upgradeable. Role separation limits who can mark users as KYC'd, deploy KYC funds, and authorize withdrawals through the bridge.
* **Safety fallback** – Recovery mode after 180 days enables direct on-chain (Ethereum) redemptions. This is a safety mechanism that allows users to withdraw in the case that bridging to Stable is not enabled.


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