Abracadabra Launches Emergency Plan After MIM Stablecoin Crashes to $0.49

Abracadabra launched emergency measures in mid-June after its MIM stablecoin crashed from $1 to approximately $0.49 (a loss of over 50%), according to the protocol's official statement. The protocol is raising interest rates across its lending markets to encourage borrowers to repay loans and reduce MIM's circulating supply. A previous $100,000 liquidity injection into Curve Finance on June 15 failed to prevent the depeg from worsening.

At press time, MIM has recovered to $0.95 as the emergency measures take effect.