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Usual Protocol Warns of USD0 Stablecoin Instability Due to Whale Trader
Usual Protocol Warns of USD0 Stablecoin Instability Due to Whale Trader
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Usual Protocol, a decentralized stablecoin issuer, has warned about instability in its USD0 asset-backed stablecoin. The stablecoin briefly slid to $0.99 due to secondary market activity, specifically the actions of a single whale trader. Despite this, the protocol itself remains safe and has not experienced another form of stress or de-leveraging. The deviation of stablecoins from their $1 level was the first major stress test for USD0, with more redemptions than the entire TVL of GHO in a few hours. However, the protocol continued to operate as usual. Usual Protocol plans to refine its processes and has exciting updates on the way.
