Синтетическая стабильная монета USDX обрушилась до $0,3, другие токены теряют привязку к доллару Synthetic Stablecoin USDX Plummets to $0.3 as Other Tokens Lose Dollar Peg

The deUSD coin from Elixir has also lost its peg to the US dollar.

On November 6, the synthetic «stablecoin» USDX from Stable Labs fell out of parity with the US dollar. Within a day, the asset’s value plummeted over 60% to $0.3.

At the time of writing, the issuer’s team had not provided any comment on the situation. A few projects, including the Lista DAO and PancakeSwap, issued preliminary statements indicating they were monitoring the developments and advised users to verify their positions in USDX.

Later, Lista DAO initiated an emergency vote on the forced liquidation in the USDX/USD1 market to mitigate potential losses.

The majority voted in favor of this decision.

In addition to PancakeSwap, USDX is also available on BitMart, Uniswap, Curve, and Balancer. The issuing company, Stable Labs, positions itself as an issuer of stablecoins and tokenized assets complying with MiCA regulations.

In 2024, the company raised $45 million with a valuation of $275 million from funds including NGC, BAI Capital, Generative Ventures, and UOB Venture Management. Other investors include Dragonfly Capital and Jeneration Capital.

In light of the de-pegging, a whale spent 800,000 USDT to acquire 933,241 USDX at a price of $0.8572. Should the stablecoin return to its target price of $1, the potential profit could reach approximately $135,000, analysts from Lookonchain noted.

Some experts suggested that USDX’s detachment from the US dollar might be linked to the repercussions of the $128 million hack of the Balancer DeFi protocol, which could have triggered a cascade of liquidations of Stable Labs’ hedged positions.

A researcher from Hyperithm, known by the pseudonym Min, pointed out that the composition of the stablecoin’s portfolio hadn’t been updated in over two months.

A trader known as Arabe Bluechip highlighted that, at the beginning of the week, a wallet associated with the founder of Stable Labs began using USDX and its variant sUSDX as collateral for borrowing other coins, including USDC, USDT, and USD1 through the Euler, Lista, and Silo protocols.

The annual interest rate on its positions was 100%. This led Arabe Bluechip to speculate that the borrower did not intend to repay the loan.

The DeFi protocol Elixir announced it would cease supporting its stablecoin deUSD due to the Stream Finance hack.

According to the latest reports, the team has already repurchased around 80% of the coins from holders at a 1:1 ratio in USDC.

Stream Finance developers halted withdrawals and deposits on November 4 following a $93 million hack. The total debt of the protocol to creditors exceeds $285 million, with $68 million owed to Elixir.

Launched in mid-2024, deUSD was marketed as an alternative to the synthetic dollar USDe from Ethena Labs. Stream Finance utilized the coin to back its own stablecoin xUSD, which experienced de-pegging and crashed to $0.2 after the hacking incident.

At the time of writing, the stablecoin had recovered to $0.17, according to CoinGecko.

Its collapse triggered a chain reaction, primarily affecting the asset from Elixir.

It is worth noting that in September, the Bitcoin-collateralized stablecoin Yala encountered de-pegging issues as well.