Stablegains
It shut down a month after announcing its seed round
A custodial savings app from a London-based Y Combinator startup that offered US customers a 15% annual yield, earned by placing their deposits in Anchor Protocol on Terra.
- Capital raised (announced)
Recorded announced backing; this is separate from cash received, customer deposits and money recovered.
- Customer UST before depeg
- Estimated
Co-founder’s 15 May 2022 post: funds of 4,878 depositors the day before UST lost its peg. Native UST, not a current USD value or measured loss.
Funding
| Round | Date | Announced | Investors |
|---|---|---|---|
| Seed | 2022 | ||
| Y Combinator (Winter 2022 batch) | Unknown |
Announced is what was said at the time. Cash actually received is rarely disclosed and is not assumed to match.
People
| Name | Role | Period | Now | Last checked |
|---|---|---|---|---|
| Kamil Ryszkowski | — | Building AI products | Oct 2026 | |
| Emil Dalgård Rasmussen | — | Making Contentlist.io, "Goodreads for Entrepreneurs"; two-time co-founder | Oct 2026 |
Timeline
May 2021
The company’s May update described customers already using its yield service. This precedes the separately reported August launch.
August 2021
Deposits in US dollars and USDC were routed into Anchor Protocol on the Terra blockchain, with customers offered a 15% annual yield.
22 April 2022
The company had been through Y Combinator's Winter 2022 batch.
15 May 2022
Posted after UST lost its dollar peg, asking that the company's wallet be whitelisted in any relief plan on behalf of its depositors.
21 May 2022
The company told users to withdraw their remaining funds.
22 May 2022
How it ended
After Terra's UST stablecoin lost its dollar peg, the company announced it was discontinuing the service and asked users to withdraw what remained. Withdrawals were paid in UST, or in USDC at UST's market rate.
Still alive
Open spot
Stablegains is gone. Is your crypto lender still running?
Spotlight your project here.
Sources
13 sources behind this page.
- 1Terra fallout: Stablegains lawsuit, Hashed loses billions, Finder wrong and more · Cointelegraph · May 2022
- 2Yield platform Stablegains sued for promoting UST as a 'safe' investment · Cointelegraph (syndicated on TradingView) · Feb 2023
- 3Stablegains Faces Lawsuit After Losing $44M on UST · Crypto Briefing · May 2022
- 4Stablegains sued for allegedly misleading investors on UST as a safe investment · crypto.news · Feb 2023
- 5We're discontinuing the Stablegains service (stablegains.com) · Hacker News (community discussion thread) · May 2022 · user-editable
- 6Kamil Ryszkowski (personal site) · Kamil Ryszkowski (self-published)
- 7Stablegains in a $3 million funding round from SNÖ Ventures, Moonfire, Broom Ventures, Goodwater Capital, Rolling Fun. · Nordic9 (startup deal database) · Apr 2022
- 8YCombinator crypto DeFi startup StableGains lost $42M in Anchor Protocol · Protos · May 2022
- 9May 2021 Stablegains progress update · Stablegains
- 10[Tiered Repayment Proposal amendment] Whitelist 5,000 users of the Anchor-based Stablegains (custodial) app for relief · Terra Research Forum (post by a Stablegains co-founder) · May 2022
Show 3 moreShow fewer
- 11X account record for @EDalgaard · X (via twitterapi.io)
- 12X account record for @kamilryszkowski · X (via twitterapi.io)
- 13X posts mentioning Stablegains, 20 to 26 April 2022 (includes Y Combinator's post of 22 April 2022) · X (via twitterapi.io)
Every figure above is clickable and opens the sources behind it. Copies were stored when each source was read, so a citation still resolves after the page it came from is gone.