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Elixir Retires deUSD After Stream Collapse, Moves Holders to USDC Claims

Stream’s $93 million loss left unpaid loans and concentrated exposure that now require coordinated liquidations.

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Elixir retires deusd after stream’s $93m loss
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Another stablecoin blew up

Overview

  • Elixir halted deUSD minting and redemptions, declared the token sunset, and will compensate remaining holders in USDC.
  • An on-chain snapshot was taken and a claims page is planned for deUSD and sdeUSD holders as well as affected LPs, with mint/redeem infrastructure turned off.
  • Roughly 80% of holders have already been repaid, excluding Stream, which retains about 90% of the remaining supply worth roughly $75 million.
  • Elixir says it will work with Euler, Morpho and Compound to liquidate Stream’s loan positions and distribute repayment, stating an expectation of 1:1 recovery.
  • deUSD crashed to near-zero prices and XUSD plunged after Stream froze withdrawals and disclosed about $285 million in debt, including approximately $68 million owed to Elixir.