As reported by Jinse, one month after the 1011 incident, a wave of depegging has hit several 'wild' stablecoin projects that previously capitalized on the stablecoin trend. Among them, Stream Finance's xUSD is now trading at 0.083, a 87% depeg, with a market cap of $16 million, down from $200 million. Elixir's deUSD has fared even worse, trading at 0.018 with a 98% depeg, and the project has announced its retirement. Stable Labs' USDX, backed by major funds, is at 0.65, a 35% depeg. River has not depegged yet but has paused token conversions to prevent dumping.
One Month After 1011 Incident, Several Stablecoin Projects Face Severe Depegging
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