Usual protocol's USD0++ stablecoin has depegged from the USD0 mark, now trading around $0.92. USD0++ is not a standard stablecoin but a liquid staking derivative of USD0, akin to Lido's stETH. The depeg is not a flaw but reflects its nature as a long-term bond with a maturity that incurs a risk premium. Recently announced exit options for USD0++ stakers, including a redeemable rate of $0.87, have contributed to the current market instability. This rate reflects expected yields over a four-year period. The change to exit options has confused traders, leading to significant sell-offs in associated markets. Meanwhile, vault curators have set prices based on a 1:1 ratio with USDC, causing liquidity issues when this does not align with the market rate. Notably, USUAL, the native token, has dropped 18.7% in the past 24 hours as the situation unfolds, prompting discussions around potential insider trading and market manipulation without asserting direct connections.

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