PANews reported on January 10 that according to The Block, the update of the Usual Money protocol caused the price of its pledged stablecoin USD0++ to drop 8.5% from $1 to $0.915 on decentralized exchanges. The protocol introduced a dual-path exit mechanism, allowing users to redeem USD0++ at a floor price of 0.87 USD0, or choose to give up part of the income for a 1:1 redemption, but the change without prior notice has caused criticism from the community.
USD0++ was originally a zero-interest bond token that was locked for four years, with a normal market value of $0.855, but it could previously be redeemed for USD0 at a 1:1 ratio. After the update, a large number of holders sold USD0++, causing it to be severely unbalanced in the Curve pool, with price fluctuations reaching 92%. Community members accused the team of not announcing in advance and locking up a large amount of funds, but others believed that this move would help long-term stability.
In addition, Usual Money announced the launch of UsualM in December last year and received US$10 million in financing from multiple institutions including Binance and Kraken .
