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cryptoJun 22, 2026, 9:40 AM

Main Street Stablecoin MSUSD Loses Dollar Peg, Crashes Over 90%

The MSUSD stablecoin from Main Street depegged on June 20, falling to around $0.25 after reserve auditor Accountable terminated the relationship. The incident triggered panic and a $39 million vault closure at Altura.

MSUSDUSDC

The Main Street project's MSUSD stablecoin lost its 1:1 dollar peg on June 20, with price dropping to approximately $0.25.

The crash followed a unilateral termination of the reserve verification relationship by accounting firm Accountable, which claimed the protocol did not meet its auditing standards. Immediately after monitoring was removed, MSUSD devalued by more than 90%.

Main Street attributed the incident to a technical reporting issue, asserting that assets remain fully backed. The team has allocated $8 million in USDC to support liquidity and is searching for a new auditor.

The event sparked broader panic in DeFi. Protocol Altura announced the closure of its $39 million core vault due to mass withdrawals.

Source: ForkLog