XUSD Stablecoin Plummets 70%, Triggering DeFi Chaos

A major decentralized finance platform suffered a devastating stablecoin depeg Tuesday, sending shockwaves through the DeFi landscape. Stream Finance’s Staked Stream USD (XUSD) plummeted by as much as 70% to $0.30 after an external fund manager disclosed losses of approximately $93 million in managed assets. The dramatic fall triggered a suspension of all deposits and withdrawals on the platform, while investigations into the cause are underway. The incident underscores the systemic risks inherent in decentralized finance protocols.