Elixir said it will sunset its deUSD stablecoin after $75 million worth of the token became entangled in Stream Finance’s $93 million loss.
Decentralized finance liquidity provider Elixir has pulled support for its synthetic stablecoin, deUSD, due to knock-on effects from Stream Finance’s $93 million loss earlier this week.
Elixir said in an X post on Thursday that it has already successfully processed redemptions of 80% of all deUSD holders, which has triggered the stablecoin to depeg from the US dollar to 1.5 cents, CoinGecko data shows.
Stream halted withdrawals on Tuesday after an external fund manager disclosed a $93 million loss in net assets, which included an estimated $285 million debt to various lenders, including about $68 million owed to Elixir.
