Elixir deUSD
DEUSD
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DEUSD (Elixir deUSD) is a failed, deprecated synthetic stablecoin undergoing a wind-down and redemption process following a catastrophic counterparty insolvency. In November 2025, partner protocol Stream Finance suffered a ~$93 million loss while holding approximately 90% of the deUSD supply (~$75M), leading to an unrecoverable shortfall, disabled mint/redeem mechanics, and a severe depeg exceeding 97% down to ~$0.025. While Elixir audited its contracts with top-tier firms and instituted a USDC claims process for holders, the token has ceased functioning as a stablecoin, holds no active market or tokenomic utility, and the issuer explicitly warns against acquiring it. Active Development had insufficient data (-1.0) and was excluded from the weighted average.
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Tokenomics
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Market & Use Case
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Team & Governance
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Security & Audits
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About Elixir deUSD (DEUSD)
Elixir deUSD (DEUSD) is a deprecated synthetic USD-pegged stablecoin that was sunset in November 2025 following a counterparty default and subsequent protocol wind-down. Issued by the Elixir Network, DEUSD was designed as a collateralized synthetic dollar operating primarily on the Ethereum blockchain, with backing assets tracked across networks including Polygon and Avalanche via BlackRock BUIDL wrappers. Prior to its discontinuation, the protocol's contracts and Move implementations underwent security audits by Quantstamp, Pashov, and Trail of Bits, alongside an active bug bounty program on Immunefi.
In November 2025, the stablecoin suffered a terminal failure after partner protocol Stream Finance disclosed a loss of approximately $93 million. Stream Finance held roughly 90% of the total deUSD supply (representing around $75 million) and failed to repay or close its borrowed positions. This concentration risk and subsequent default left reserves insufficient to maintain the peg, triggering a catastrophic crash of over 97% that drove DEUSD's market price down to approximately $0.015 to $0.025. The event also prompted related depegs across the broader ecosystem, including Stream's xUSD and Stable Labs' USDX.
Following the default, Elixir disabled deUSD's mint and redemption mechanisms, announced the formal sunset of the token, and transferred protocol governance to the community. Elixir initiated a claims portal to facilitate 1:1 USDC redemptions, processing distributions for roughly 80% of holders, while deeper liquidity providers experienced significant capital losses. The token has no remaining market utility, active development, or functioning peg mechanism, and the issuer explicitly advises against acquiring the asset.