MAI, also known as miMATIC, the dollar-pegged stablecoin issued by QiDao Protocol, traded at $0.8486 on Polygon at 10:55 UTC on September 23, 2026, about 15% below its $1 peg, CoinGecko data showed. The token had held near $0.95 for most of the previous 24 hours before falling almost vertically, reaching a 24-hour low of $0.8459. Blockaid later said miMATIC was trading around $0.84, about 14% below its peg, and that the depeg was continuing. CoinGecko listed a $10.067 million market capitalization, 11.864 million circulating tokens and $83,636.79 in 24-hour volume, indicating that limited liquidity could amplify price movements. QiDao had not publicly explained the decline, and no cause, vault issue, liquidation or exploit had been established.