Elixir announces the termination of the deUSD synthetic stablecoin, pledging a 100% redemption.
By: theblockbeats.news|2025/11/07 08:45:54
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BlockBeats News, November 7th, DeFi liquidity protocol Elixir announced that in the past 48 hours, it has successfully processed redemptions for 80% of deUSD holders to date (excluding Stream). Currently, Stream holds approximately 90% of the deUSD supply (around $75 million), while a similar proportion of the remaining assets held by Elixir is in the form of a loan to Stream through Morpho. All remaining deUSD and sdeUSD holders will be able to redeem at a pegged value of one US dollar.
To protect the interests of the holders and eliminate any risk of Stream liquidating deUSD before repaying the loan, Elixir has taken a snapshot of all remaining deUSD and sdeUSD holder balances, and will launch a claim page later today where these holders will be able to claim USDC. As part of this process, the mint/redeem infrastructure has been disabled and deUSD will be gradually phased out in the near future. Any LP in affected AMM pools or lending markets will be able to claim the full value of their position.
Given that Stream holds over 99% of the borrowing position (and has decided not to repay or close the position), Elixir will collaborate with Euler, Morpho, Compound, and others to facilitate the repayment allocation of Stream's loan to liquidate these positions. It is still believed that redemptions will be honored at a 1:1 ratio, and information on the claim page will be provided later today.
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