depeg

The stablecoin apxUSD, issued by the Apyx protocol and primarily collateralized by Strategy preferred stock STRC, briefly depegged during the time Bitcoin fell below $63,000, dropping to a low of $0.93. Apyx stated that this fluctuation was not a vulnerability but rather an expected performance of the preferred stock collateralized stablecoin. Since the reserve assets of apxUSD are mainly composed of STRC preferred stock with a face value of $100, when STRC falls below its face value in the secondary market, the market value of the reserve assets will decrease, leading to price fluctuations in the stablecoin.The protocol claims that its stability mechanism includes over-collateralization, a dividend adjustment mechanism, and cash and short-term U.S. Treasury reserves as a buffer. Data shows that since last August, STRC has fallen below its face value four times, but has ultimately returned to $100 each time. In response to market concerns about a chain liquidation in the Morpho lending market, Apyx stated that its core apyUSD/apxUSD market primarily relies on the accumulation of dividend income rather than the spot price of STRC, so related fluctuations will not trigger large-scale liquidations.

According to monitoring by Paidun, the stablecoin apxUSD, supported by preferred shares such as STRC, has fallen to about $0.94, a decrease of 4.6%. As Bitcoin drops to around $63,000, the decrease in collateral value has caused the stablecoin to depeg.

The stablecoin issuer StablR has encountered ongoing attacks, leading to its euro stablecoin EURR and dollar stablecoin USDR becoming unpegged. Blockchain security company Blockaid stated that the attackers allegedly gained control by obtaining the private key of one owner in the minting multi-signature account, replacing other administrators under a mechanism that only required 1/3 of the signatures, and additionally minted 8.35 million USDR and 4.5 million EURR. Subsequently, the attackers exchanged tokens worth approximately $10.4 million on a DEX for about 1,115 ETH, realizing a profit of approximately $2.8 million. As a result of the incident, EURR briefly fell to around $0.88, and USDR dropped to around $0.7. Blockaid pointed out that this incident was not due to a smart contract vulnerability, but rather a failure in key management and governance mechanisms.

According to Coingecko data, Curve's stablecoin crvUSD has experienced a slight de-pegging, dropping to a low of 0.9858 USD today, currently reported at 0.9928 USD.

According to market information, the stablecoin USDf under Falcon Finance has experienced a slight de-pegging, with a lowest quote of 0.9871 USD and a current quote of 0.9896 USD.According to the project's official website, USDf currently has a circulating market cap of 2.06 billion USD, with supported asset value of 2.43 billion USD.

Layer-1 blockchain protocol Saga has urgently paused its Ethereum-compatible Saga EVM chainlet after experiencing an attack that resulted in a loss of approximately $7 million. The attack led to unauthorized funds being cross-chain transferred and exchanged for ETH, causing its dollar-pegged stablecoin, Saga Dollar, to de-peg, with the price dropping to as low as $0.75. The Saga team stated that the chain was paused at block height 6,593,800.Preliminary investigations indicate that the incident involved a series of contract deployments, cross-chain operations, and liquidity withdrawals, but there was no consensus failure, validator compromise, or private key leakage; the overall structure of the Saga mainnet remains secure. The impact was not limited to Saga Dollar; its stablecoins Colt and Mustang were also affected. The team has identified the addresses involved in the attack and is working with exchanges and cross-chain bridges to blacklist these addresses. The chain will remain paused until a complete security audit and post-mortem analysis are published.On-chain data shows that Saga's TVL plummeted from approximately $37 million to $16 million within 24 hours, a decrease of about 55%. Some security researchers speculate that the attack may be related to the "infinite minting" of stablecoins using cross-chain mechanisms, while others believe that the possibility of private key leakage cannot be ruled out, but the officials have not yet confirmed the specific attack vector.

According to market news, the stablecoin USX on the Solana chain experienced a brief de-pegging, with its price in the secondary market dropping to 0.1 USD at one point. Subsequently, after Solstice injected liquidity, the price of USX has recovered to the level of 0.94 USD.

Sonic ecological lending protocol project Silo Labs updated on the X platform regarding the xUSD depegging incident. So far, the confirmed repayment amount has reached approximately $2.13 million, including about $88,169 on the Sonic chain, about $556,669 on the Avalanche chain, and about $1.49 million on the Arbitrum chain.Previously, the price of the Stream Finance stablecoin xUSD significantly deviated from its target range, affecting on-chain Curated Markets including Euler, Morpho, and Silo, and leading to liquidity issues.

Re7 Labs released an update on the xUSD depegging event, stating that they have hired the law firm Pillsbury Winthrop Shaw Pittman to investigate the situation and provide advice on formal legal options, including asset recovery. They have previously reached out multiple times to Stream Finance and Stables Labs but received unsatisfactory responses. The lawyer has delivered legal notices to the relevant parties, demanding repayment and preservation of evidence. Currently, the Morpho Worldchain sdeUSD position has fully recovered, and the treasury risk exposure has been reduced by over 50%.

On-chain data shows that the Yala stablecoin YU has significantly de-pegged, currently dropping to $0.44 on the Ethereum mainnet and $0.368 on Solana.According to previous news from ChainCatcher, the Yala stablecoin YU experienced suspicious lending situations similar to USDX over the weekend. Yala responded yesterday, stating that they have noted the community's concerns regarding the stablecoin YU and are conducting an investigation.

The staked stablecoin Stream USD (XUSD) has depegged, with a 24-hour drop of 22.6%, currently priced at $0.938.

ChainCatcher message, around 5:30 AM today, Ethena's USDe stablecoin experienced a severe depegging. The price of USDE/USDT on Binance dropped to a low of $0.65. Ethena Labs stated that the USDe experienced secondary market price fluctuations due to market turbulence and a series of liquidations.Ethena claims that the minting and redemption of USDe are operating normally, and the assets are still over-collateralized. Due to liquidations causing perpetual contracts to fall below spot prices, Ethena has incurred additional unrealized profit and loss (uPNL) on short positions, which is being converted into protocol revenue, making USDe even more over-collateralized compared to yesterday.

ChainCatcher news, DWF Labs Executive Partner Andrei Grachev responded to the "temporary de-pegging of the stablecoin USDF," stating that the stablecoin USDF and BTC collateral account for approximately 89% (about $565 million), while altcoins account for about 11% ($67.5 million). The over-collateralization ratio of the reserves is 116%, and every USDF minted must be backed by stablecoins or equivalent hedging positions that have no directional risk.In terms of yield, the composition of protocol revenue is as follows: basis trading revenue accounts for 44%, arbitrage trading revenue accounts for 34%, and staking revenue accounts for 22%.It is reported that the stablecoin USDF under Falcon Finance temporarily de-pegged to $0.9432 and is currently quoted at $0.9893, still in a slight de-pegging state. USDF is the stablecoin launched by Falcon Finance, which is supported by DWF Labs.

ChainCatcher news, Synthetix founder Kain released the latest update on the sUSD de-pegging issue: "The sUSD staking mechanism has been implemented, but this process still requires manual operation before the user interface goes live."

ChainCatcher news, according to official sources, Synthetix has announced an emergency solution for its "stablecoin sUSD de-pegging." The USD 420 pool will launch in 36 hours and will be incentivized. SNX stakers in the 420 pool can deposit sUSD to earn a share of 5 million SNX over 12 months. The deposited sUSD will be locked for one year, and after the event ends, it can be fully withdrawn. The earned SNX rewards will also be locked and will unlock within 3 months after the event ends.Synthetix founder Kain commented on the emergency solution, saying, "This is one of the worst immediate solutions to create demand for sUSD from the user base."Currently, the price of sUSD has rebounded to $0.83.Previous news, the de-pegging of Synthetix stablecoin sUSD intensified to $0.7, down 13.9% in 24 hours.

ChainCatcher news reports that the Synthetix dollar stablecoin sUSD has further depegged, dropping 13.9% in the last 24 hours to a current price of $0.7038, with a market cap falling to $22.96 million. Previously, Synthetix founder Kain stated that the sUSD peg repair mechanism is in transition, having sold 90% of ETH and increased holdings in SNX.Earlier reports indicated that the depegging of the Synthetix stablecoin sUSD was not due to bad debt or mechanical failure, but rather a side effect of SIP-420. The introduction of SIP-420 means that SNX stakers are no longer minting sUSD individually and managing their own debts, but instead are delegating funds to a shared pool to achieve effects such as no liquidation and no personal debt; since the debt is concentrated in the public pool, when the trading price of sUSD deviates from the peg, stakers have no direct incentive to buy sUSD at a low price to repay their debts, and the previously existing self-regulating defense mechanism has disappeared. The Synthetix team stated that they are establishing new demand channels, such as integrating with Aave and Ethena and strengthening Curve incentive mechanisms.

ChainCatcher news, according to Coingecko market data, the stablecoin sUSD is currently priced at $0.7703, with a 24-hour decline of 9.9%, having depegged by approximately 23%.

ChainCatcher message, the market shows that sUSD continues to depeg, with the current quote at $0.816, having depegged by 18.4%.Previous reports from Parsec analysis stated that the depegging of sUSD is due to the SIP-420 mechanism change, not a bad debt issue.

ChainCatcher news, according to Parsec analysis, the recent depegging of the Synthetix stablecoin sUSD is not due to bad debt or protocol failure, but rather a side effect of the SIP-420 mechanism adjustment. SIP-420 introduces a shared debt pool mechanism, where SNX stakers no longer mint sUSD individually and bear personal debt, but instead delegate funds to a public pool, achieving a structure without liquidation and personal debt. However, when the price of sUSD deviates from the peg, stakers no longer have the incentive to repurchase sUSD at a low price to repay debts, and the protocol's original self-regulating mechanism fails. Meanwhile, over $80 million of SNX has flowed into the SIP-420 pool, coupled with Infinex activities driving position growth, leading to a rapid expansion of sUSD supply, while the market lacks corresponding demand, further putting pressure on the pegging mechanism.Currently, sUSD has fallen to $0.87, with a depegging of over 13%. The Synthetix team stated that they are working to rebuild sUSD demand through integration with Aave and Ethena, as well as strengthening Curve incentives.

ChainCatcher news, according to market data, sUSD continues to depeg, with the lowest price dropping below $0.83, currently quoted at $0.85122.Previously, Synthetix founder Kain stated that the sUSD peg repair mechanism is in transition, having sold 90% of ETH and increased holdings in SNX.