Elixir announces termination of deUSD synthetic stablecoin, commits to 100% redemption.

2025-11-07 00:12:42

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Deep潮 TechFlow News: On November 7th, according to The Block, Elixir Protocol announced the termination of its deUSD synthetic stablecoin. This move was triggered by a chain reaction following Stream Finance’s earlier suspension of withdrawals this week. Stream Finance is in trouble after an external fund manager disclosed a $93 million loss and currently owes Elixir over $68 million.

Elixir has processed approximately 80% of deUSD redemption requests and has taken snapshots of remaining holders, promising full redemption at a 1:1 ratio with USDC. Currently, Stream Finance holds about 90% of the deUSD supply—around $75 million. Elixir is working with decentralized lending platforms like Euler, Morpho, and Compound to liquidate Stream’s positions and distribute funds to deUSD holders.

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