Elixir Retires deUSD Stablecoin Following Stream Finance’s $93M Loss
Elixir has discontinued its deUSD stablecoin in the wake of Stream Finance's $93 million financial shortfall. The platform announced on November 6 that the stablecoin has been rendered valueless, citing Stream's borrowing of deUSD to prop up its own failing stablecoin as the catalyst for this decision.
Minting and redemption of deUSD have been suspended indefinitely. Elixir has initiated compensation for holders, distributing USDC in lieu of the defunct stablecoin. Approximately 80% of deUSD holders have already received reimbursement, though this excludes Stream Finance's substantial holdings.
With over 91 million deUSD still circulating—90% of which remains in Stream's possession—Elixir maintains its commitment to full user compensation. The process excludes holdings on sui and Sei platforms, reflecting the complex aftermath of this stablecoin collapse.
