MSUSD depeg drops to $0.36, down 64.1% in 24 hours

Odaily Planet Daily News According to monitoring by Mainstreet, the dollar-pegged algorithmic stablecoin Main Street USD (MSUSD) has depegged and is currently trading at $0.36, down 64.1% in 24 hours. Mainstreet responded, stating that assets remain fully backed. The recent closure of the third-party reserve proof dashboard does not imply a reduction in assets or a deterioration in portfolio quality, but rather an issue at the infrastructure and reporting level. Due to the reserve proof page being offline, the oracle supporting the Morpho market is expected to be paused within the next 24 hours, leading to accelerated liquidation for leveraged loop borrowers and a significant rise in borrowing rates. Mainstreet stated that its primary goal is to protect NAV and maximize protocol liquidity, while continuing to prioritize the safety of user funds, maintain asset net value, and restore normal market operations as soon as possible.