Hourglass has announced the commencement of excess refunds for the second phase of its Stable Deposit Plan, with over $634 million USDC available for claim. Users can apply for refunds through the Merkl platform. For each deposit in the second phase, the first $1,000 is fully accepted, while amounts exceeding $1,000 are split, with approximately 45% counted as deposits and about 55% returned as refunds.