Stablecoin MIM Depegs to Approximately $0.5, Abracadabra Initiates Emergency Measures

CoinFeed reported on June 25 that Abracadabra Finance announced it has acknowledged the MIM stablecoin depegging issue and is implementing emergency measures. Effective immediately, it will gradually increase the interest rates for all Cauldrons (including deprecated markets) to encourage debt repayment and reduce the circulating supply of MIM. The current depeg provides borrowers with a natural incentive to repay debts at a discount, helping to accelerate supply contraction. Until MIM restores its peg, direct incentives and Curve bribes will be suspended. The team stated it is evaluating additional recovery plans and will announce them promptly. Data shows that MIM is currently trading at $0.5027, with a 24-hour drop of 36.65%.