USDX by StablesLabs (market cap ~$680M) has dropped as low as $0.40 before slightly recovering.
The crash followed the Balancer exploit and a wave of massive market liquidations.
🧩 What happened:
The Balancer V2 hack caused ~$1M liquidity loss for StablesLabs. As panic spread, capital fled DEXs and lending markets, leading to sharp outflows from delta-neutral strategies.
USDX, similar to the recently collapsed XUSD from Stream Finance, got caught in the cascade. Borrow rates spiked above 800%, looping positions unwound, and thin liquidity amplified the depeg.
The price has swung between $0.40–$0.80, now hovering near $0.60, with uncertainty whether redemptions are still active.
If halted, it could confirm deeper undisclosed losses – if not, a big arbitrage window may open for verified market makers.
What do you think – can USDX recover its peg or is this another stablecoin collapse?
⚡️ Temporary depeg
🔥 Full collapse