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【MSUSD Decoupling Drops to $0.36, Official Response: Assets Still Fully Backed and Market Will Resume Normal Operation】
June 21st, the algorithmic stablecoin Main Street USD (MSUSD) pegged to the US dollar experienced decoupling, with the price dropping sharply to $0.36, down 64.1% over 24 hours. It is reported that the decoupling issue may be related to the termination of its partnership agreement and reserve verification problems.
Mainstreet responded that the assets are still fully supported. The recent closure of the third-party reserve proof dashboard does not indicate a reduction in assets or deterioration of the investment portfolio quality, but rather infrastructure and reporting issues. However, due to the reserve proof page being offline, the oracle supporting the Morpho market is expected to suspend within the next 24 hours, causing market concerns and leading leveraged lending users to accelerate liquidations, which has caused borrowing interest rates to rise significantly. 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 operation as soon as possible.