coin-img-ETHETH+0.40%coin-img-BTCBTC+0.81%coin-img-SOLSOL+1.98%coin-img-USDCUSDC+0.03%coin-img-XRPXRP-0.56%coin-img-TRXTRX+1.27%coin-img-DOGEDOGE-0.51%coin-img-HYPEHYPE-1.32%coin-img-ETHETH+0.40%coin-img-BTCBTC+0.81%coin-img-SOLSOL+1.98%coin-img-USDCUSDC+0.03%coin-img-XRPXRP-0.56%coin-img-TRXTRX+1.27%coin-img-DOGEDOGE-0.51%coin-img-HYPEHYPE-1.32%coin-img-ETHETH+0.40%coin-img-BTCBTC+0.81%coin-img-SOLSOL+1.98%coin-img-USDCUSDC+0.03%coin-img-XRPXRP-0.56%coin-img-TRXTRX+1.27%coin-img-DOGEDOGE-0.51%coin-img-HYPEHYPE-1.32%coin-img-ETHETH+0.40%coin-img-BTCBTC+0.81%coin-img-SOLSOL+1.98%coin-img-USDCUSDC+0.03%coin-img-XRPXRP-0.56%coin-img-TRXTRX+1.27%coin-img-DOGEDOGE-0.51%coin-img-HYPEHYPE-1.32%

Algorithmic stablecoin MSUSD breaks peg, slides to $0.36 after 64.1% drop in 24 hours

Main Street USD (MSUSD), an algorithmic stablecoin pegged to the U.S. dollar, has lost its peg and is trading around $0.36, down 64.1% over the past 24 hours, according to Mainstreet monitoring cited by Odaily Planet Daily. Mainstreet said the protocol's assets remain fully backed. It added that the recent shutdown of a third-party reserve proof dashboard reflects infrastructure and reporting issues, not a reduction in reserves or a decline in portfolio quality. With the reserve proof page offline, oracles supporting Morpho markets are expected to pause within the next 24 hours. Mainstreet warned this could trigger faster liquidations for leveraged 'circular borrowing' users and drive borrowing rates higher. The company said its immediate focus is protecting net asset value (NAV) and maximizing protocol liquidity, while maintaining user fund safety and restoring normal market operations as soon as possible.
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