Can maxing out the interest rate save it? It feels more like betting on whether borrowers will collectively run away. This MIM situation is a bit precarious.

Coin World News, Abracadabra has announced emergency measures in response to its Magic Internet Money (MIM) stablecoin falling below $1. The value of the MIM stablecoin has dropped to less than 50% of its $1 peg. To encourage borrowers to repay loans and reduce the circulating supply of MIM, Abracadabra is raising interest rates on its lending markets. Previously, the stablecoin received a $100k liquidity injection, but it failed to prevent the de-pegging from worsening. Abracadabra stated that reducing token supply is one of the effective ways to restore the stablecoin's peg.