MSUSD Depegs to $0.36, Down 64.1% in 24 Hours

MORPHO0.52%
According to Mainstreet monitoring, Main Street USD (MSUSD), an algorithm-backed stablecoin pegged to the U.S. dollar, depegged to $0.36, down 64.1% in 24 hours. Mainstreet responded that assets remain fully backed and the closure of the third-party reserve proof dashboard reflects infrastructure and reporting issues rather than asset reduction or portfolio deterioration. The oracle supporting Morpho markets is expected to pause within 24 hours, potentially accelerating liquidations for leveraged borrowers and raising borrowing rates.
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