Bankrupting a stable coin is like bankrupting a casino. Trump level of incompetence
deUSD, a synthetic stablecoin issued by Elixir, has been permanently shut down following a major $93 million loss suffered by its key counterparty, Stream Finance. Stream Finance's loss severely impacted the collateral backing deUSD since about 65-90% of deUSD's collateral was parked with Stream. This loss caused a cascade effect where Stream Finance froze withdrawals, halting deUSD redemptions and triggering panic selling. Consequently, deUSD lost its dollar peg and collapsed in value by over 97%, trading at around 2.5 cents at the lowest point.
https://www.perplexity.ai/search/what-happened-to-deusd-fHN4IXkdR0WtUnl7pJs51Q
#deusd
Chat, I'm getting nervous for my USDC holdings
"Based on the current sentiment and news analysis from the search results, I would rate the dollar strength at approximately 6.5 out of 10."