【MSUSD de-pegged to $0.36, down 64.1% in 24 hours】



According to Mainstreet monitoring, the algorithmic stablecoin Main Street USD (MSUSD) pegged to the US dollar has de-pegged, currently trading at $0.36, a 64.1% decrease over 24 hours. Mainstreet responded that the assets are still fully backed, and the recent shutdown of the third-party reserve proof dashboard does not indicate a reduction in assets or deterioration of the investment portfolio quality, but rather issues at the infrastructure and reporting levels.

Due to the removal of the reserve proof page, the oracle supporting the Morpho market is expected to suspend within the next 24 hours, leading to accelerated liquidations by leveraged lending users and a significant rise in borrowing interest rates. Mainstreet stated that the current primary goal is to protect NAV and maximize protocol liquidity, while continuing to prioritize safeguarding user funds, maintaining asset net value, and restoring normal market operations as soon as possible.
MORPHO0.65%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments
  • Pinned