Hourglass: The Deposit Platform for Stable’s Phase 2 Campaign

The Stable Phase 2 pre-deposit campaign marks the official debut of Hourglass, a rebranded DeFi protocol now positioned as the backend infrastructure for Stable’s $500M pre-deposit campaign rollout.

From Pitch Money to Hourglass

Few realized that Hourglass wasn’t new.

In 2023, the project operated as Pitch Money, a marketplace for tokenized yield and points, positioned as a Pendle competitor. Users later discovered that the project hclosed without public notice, deleted its previous tweets, and took its website offline before reintroducing itself in 2025 as Hourglass.

The current team, led by Charlie Pyle:

• Raised $5 million from Electric Capital, Coinbase Ventures, Tribe Capital, and Hack VC

• Reached $70 million in cumulative TVL with no reported security incidents

• Completed audits with Immunefi, Zellic, and Olympix Security

• Partnered with EtherFi, Frax, Lombard, Mantle, and EigenLayer

Hourglass has since stated that this was part of a planned rebrand. For existing users, Hourglass has indicated that pre-season point holders should stay tuned for an updated roadmap, and legacy vault depositors can withdraw their funds at any time.

The Stable Deal

Hourglass is the platform supporting the Stable Phase 2 pre-deposit campaign, which has a $500 million cap and accepts USDC deposits on Ethereum. Participants must complete KYC within 24 hours via Sumsub, with deposit limits set at $100,000 during the first hour and up to $20 million thereafter.

This marks Hourglass’s first live collaboration, where it manages the infrastructure for Stable’s on-chain capital and verification process.

Following the Phase 1 campaign, which drew attention over early whale deposits before the official announcement, Phase 2 introduces per-wallet limits and a verified deposit structure aimed at improving transparency and fairness.

(Want to know what happened in Phase 1? Check this out. )

A Reintroduction of Hourglass

Hourglass is not new but a reintroduced project now tied to a closely watched campaign. The partnership marks Hourglass’s shift from token markets to RWA-linked stablecoin yield infrastructure.

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