Elixir announces the termination of deUSD synthetic stablecoin and promises 100% redemption

ChainCatcher reported that the Elixir protocol has announced the termination of its deUSD synthetic stablecoin, a move triggered by a chain reaction following Stream Finance's suspension of withdrawals earlier this week.

Stream Finance encountered difficulties after an external fund manager disclosed a loss of $93 million and currently owes Elixir over $68 million. Elixir has processed about 80% of deUSD holders' redemption requests and has taken a snapshot of the remaining holders, promising to fully redeem them with USDC at a 1:1 ratio. Currently, Stream Finance holds about 90% of the deUSD supply (approximately $75 million). Elixir is working with decentralized lending platforms such as Euler, Morpho, and Compound to liquidate Stream's positions and allocate funds to deUSD holders.