Elixir Stablecoin Implodes Following Stream Finance’s $93M Loss

The synthetic stablecoin deUSD issued by Elixir has been suspended following a severe liquidity crisis triggered by the collapse of Stream Finance. Stream, which reported a staggering $93 million loss and owes approximately $68 million to Elixir, saw its collateral backing for deUSD weakened, leading to a dramatic depeg that left the asset trading at just $0.015. This event has rippled through DeFi, impacting other synthetic stablecoins across platforms.