Based on Crypto.News, Elixir, a decentralized finance liquidity provider, has permanently retired its stablecoin deUSD following a $93 million loss suffered by Stream Finance, which borrowed deUSD to stabilize its own stablecoin. Elixir announced on Nov. 6 that deUSD holds 'no value' and has been 'sunset,' halting all minting and redemptions. Approximately 80% of deUSD holders have already been repaid in USDC, while Stream Finance is reported to hold about 90% of the remaining supply. The synthetic stablecoin has depegged from the U.S. dollar, currently valued at $0.026. Elixir plans to liquidate Stream's positions through partnerships with Euler, Morpho, and Compound.
Elixir Retires deUSD Stablecoin After Stream Finance's $93M Loss
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