CandleFocus Stablecoin developer Usual faces backlash after changing redeem function
2025-01-10
Author: Content Editor
Stablecoin developer Usual is facing scrutiny after making changes to the redemption mechanism for its yield-bearing staked token, USD0++. Previously, USD0++ could be redeemed 1:1 with USD0, but now users must choose between different exit options. This change triggered a sell-off, causing USD0++ to drop to $0.92, 8% below its previous redemption value. The updates have made USD0++ riskier and less appealing, leading to a wave of selling. Usual Labs, the company behind the protocol, has not made any public statements about the price changes. In 2024, Usual Labs raised $7 million in funding and secured a $75 million commitment in total value locked for USD0.
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