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DeFi Platform Elixir Suspends deUSD Support Amid Stablecoin Contagion

DeFi Platform Elixir Suspends deUSD Support Amid Stablecoin Contagion

Author:

Global Cryptocurrency

Published:

2025-11-07 09:42:02

20

2

BTCCSquare news:

Elixir, a decentralized finance liquidity provider, has halted support for its synthetic stablecoin deUSD following a $93 million loss tied to Stream Finance. The collapse triggered a 90% plunge in Stream's XUSD stablecoin, with deUSD depegging to $0.015. Elixir has processed redemptions for 80% of deUSD holders, but Stream Finance—holding 90% of the remaining supply—has refused to repay its $68 million debt.

The fallout exposes vulnerabilities in Leveraged stablecoin strategies. Elixir’s deUSD, once a rival to Ethena’s USDe with a $150 million market cap, now faces existential risks. Meanwhile, Balancer recovered $19 million from a separate $128 million exploit, underscoring the sector’s fragility.

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