Headline: Проблемы с стейблкоинами: USDX и deUSD теряют привязку к доллару после атак на протоколы Translation: Stablecoin Troubles: USDX and deUSD Lose Peg to Dollar After Attacks on Protocols

The deUSD coin from Elixir 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, with the asset’s value dropping by over 60% within a day to $0.3.

At the time of writing, the issuing team’s response to this incident was still pending. Several projects, including the Lista DAO and PancakeSwap, issued preliminary statements indicating that they are closely monitoring the situation and advising users to reassess their positions with USDX.

Later, Lista DAO initiated an urgent vote concerning the enforced liquidation in the USDX/USD1 market to mitigate potential losses.

The majority voted in favor of this decision.

In addition to PancakeSwap, USDX is available on BitMart, Uniswap, Curve, and Balancer. The issuing entity, Stable Labs, positions itself as a stablecoin and tokenized asset issuer compliant with MiCA.

In 2024, the company raised $45 million with a valuation of $275 million from investors such as NGC, BAI Capital, Generative Ventures, and UOB Venture Management, along with others like Dragonfly Capital and Jeneration Capital.

Amid the depeg event, a whale spent 800,000 USDT to purchase 933,241 USDX at a price of $0.8572. Analysts from Lookonchain noted that should the stablecoin return to its target value of $1, it could yield a potential profit of around $135,000.

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

A researcher from Hyperithm, under the name Min, pointed out that the composition of the stablecoin’s portfolio had not been updated for over two months.

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

The annual interest rate on these positions was reported to be 100%. This led Arabe Bluechip to suspect that the borrower had no intention of repaying the debt.

The DeFi protocol Elixir announced the cessation of support for its stablecoin deUSD due to the Stream Finance hack.

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

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

Launched in mid-2024, deUSD was positioned as an alternative to the synthetic dollar USDe from Ethena Labs. Stream Finance used the coin to support its own stablecoin xUSD, which faced detachment and plummeted to $0.2 following the hacker attack.

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

Its collapse triggered a chain reaction that primarily affected Elixir’s asset.

For reference, in September, the Bitcoin-collateralized stablecoin Yala also faced a detachment issue.