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Elixir to Redeem 80% of deUSD Holders in Market Exit Plan

Elixir has permanently retired its deUSD stablecoin after Stream borrowed it to stabilize its own, urging holders to redeem USDC via the official claim page.

USDC

Fact Check
The evidence strongly and consistently supports the statement. The primary source, Elixir's official X account, directly states that the company has already processed redemptions for 80% of deUSD holders. This action of completing the redemptions is the strongest possible evidence that it was a key provision in their market exit strategy. Multiple high-authority secondary sources, including The Block, Phemex, and PANews, corroborate this information, reporting on both the completed 80% redemption and the plan to sunset or terminate the deUSD project. The term 'market exit plan' is directly supported by reports of Elixir sunsetting the deUSD synthetic stablecoin. There is no conflicting evidence among the provided sources; those with low relevance simply lack information on this specific topic rather than contradicting it. The consistency across the primary source and multiple credible news outlets provides high confidence in the statement's accuracy.
Summary

Elixir has formally retired its deUSD stablecoin, which it declared worthless after Stream borrowed the token to shore up its own stablecoin. The company emphasized that deUSD and sdeUSD holders should redeem USDC through its official claim page to complete the market exit process. Previously, Elixir had redeemed around 80% of holdings, excluding Stream’s large stake worth approximately $75 million. All deUSD operations, including minting and redemption, have been permanently disabled, and the protocol cautioned users to avoid phishing links during claims.

Terms & Concepts
  • deUSD: A stablecoin formerly pegged to the US dollar, now officially retired and deemed worthless by its issuer, Elixir.
  • USDC: USD Coin, a regulated U.S. dollar-backed stablecoin used for blockchain-based transactions.
  • AMM: Automated Market Maker, a decentralized exchange protocol that uses liquidity pools instead of traditional order books.