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MSUSD crashes 80%—Another stablecoin collapses
MSUSD, a stablecoin pegged to the US dollar, dropped directly from $1 to $0.064 today.
Down over 80%. And this is a "stable" coin.
The trigger was the verification service provider Accountable suddenly ending the partnership, the reserve proof page going offline, and the oracle on Morpho being paused as well.
Users engaged in leveraged cycle borrowing were forced to liquidate, and borrowing rates soared.
The official statement is "assets are still fully backed"—do you believe that? Luna said the same back in the day.
What’s even more heartbreaking: Coinbase accounts for 53% of Morpho deposits, a single channel dominating, and the verifier said they could turn hostile at any time. Retail investors are always the last to get information.
#DeFi #稳定币 #MSUSD #Morpho