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

Odaily Planet Daily reported that according to Mainstreet monitoring, the dollar-pegged algorithmic stablecoin Main Street USD (MSUSD) has experienced a depeg, currently trading at $0.36, down 64.1% in 24 hours. Mainstreet responded that assets remain fully backed, and the recent shutdown of the third-party reserve attestation dashboard does not represent a decrease in assets or deterioration of portfolio quality, but rather an infrastructure and reporting-level issue. Due to the reserve proof page being offline, the oracle supporting the Morpho market is expected to be paused within the next 24 hours, which will accelerate the liquidation of leveraged loop lending users, leading to a significant increase in borrowing rates. Mainstreet stated that the primary goal at present is to protect NAV and maximize protocol liquidity, while continuing to prioritize user fund security, maintain asset net value, and restore normal market operations as soon as possible.