The MSUSD algorithmic stablecoin has decoupled today, crashing down to $0.36, a drop of 64%.
Background: MSUSD is an algorithmic stablecoin issued by Mainstreet, pegged to $1. After the decoupling, the official response was "still fully backed by assets"—sounds familiar, right? UST said the same back in the day.
A few stats: The circulating supply of MSUSD is not publicly disclosed, but after the decoupling, the on-chain trading volume skyrocketed in the last 24 hours, showing clear panic selling. Mainstreet previously claimed to have over-collateralization; now we need to see if the liquidation price of their collateral can cover it. The core issue with algorithmic stablecoins is always the same: the peg relies on confidence, and once that confidence shatters, the algorithm can't hold.
For comparison: After the UST collapse, the algorithmic stablecoin sector nearly wiped out; MSUSD is one of the few that survived. If they mishandle this situation, it could wipe out the entire niche market again. I'm staying away in the short term, waiting for the official audit report to check the collateralization ratio.
#稳定币 #链上数据 #MSUSD
Background: MSUSD is an algorithmic stablecoin issued by Mainstreet, pegged to $1. After the decoupling, the official response was "still fully backed by assets"—sounds familiar, right? UST said the same back in the day.
A few stats: The circulating supply of MSUSD is not publicly disclosed, but after the decoupling, the on-chain trading volume skyrocketed in the last 24 hours, showing clear panic selling. Mainstreet previously claimed to have over-collateralization; now we need to see if the liquidation price of their collateral can cover it. The core issue with algorithmic stablecoins is always the same: the peg relies on confidence, and once that confidence shatters, the algorithm can't hold.
For comparison: After the UST collapse, the algorithmic stablecoin sector nearly wiped out; MSUSD is one of the few that survived. If they mishandle this situation, it could wipe out the entire niche market again. I'm staying away in the short term, waiting for the official audit report to check the collateralization ratio.
#稳定币 #链上数据 #MSUSD