Under the usual raid, the Exchange Rate was lowered, resulting in a "USD0++ depeg" Long Wick Candle at $0.9 and a serious tilt in the Curve pool. Community: it's a scam.

The recent stable coin protocol Usual has generated a significant depeg in its USD0++ Exchange Rate stake product today, causing widespread concern in the community. It is understood that the cause of the incident was the Usual team's modification of the official documents this morning, changing the Exchange Rate floor of USD0++ from the original 1:1 to 1:0.87, leading to a severe depeg of USD0++. Looking at the cause of the depeg incident in detail, it came from a document modified by the official team this morning. The document mentioned the floor price of USD0++: The floor price reflects the expected return of DAO before the expiration of USD0++. The price is calculated based on the Fed Interest Rate and interpolated between available Interest Rates to ensure accuracy. Currently, the floor price is manually set (for example, each USD0++ corresponds to 0.87 USD0), but it will be developed into an automated on-chain process in the future, integrating dynamic Interest Rate data through Oracle Machines such as Chainlink or Redstone. As time progresses, the floor price will gradually approach 1, aligning with the protocol expiration date. This mechanism safeguards the value of USUAL and ensures the stable returns of USD0++, rewarding long-term participants in the ecosystem and providing Liquidity options for others. In the official modified document, the floor price of USD0++ was adjusted from 1 USD0 to 0.87 USD0. Although the document states that it will gradually approach a 1:1 exchange, it still caused panic and accusations from the community users. Community KOL @Cbb0fe accused Usual of fraud: Oh my, the Usual team updated the document about USD0++ 6 hours ago, it's totally fraudulent. In addition, community KOL @OlimpioCrypto also stated that the team reduced the exchange ratio to 0.87, directly causing a 13% disappearance of the 15 billion USD0++ Market Cap: They allowed users to mint/purchase USD0++ at a price of 1 USD (no discount, designed as 1:1), and then suddenly implemented a new 0.87 floor price, effectively locking (or evaporating) 13% of the principal, involving up to 15 billion USD of funds. User bank run caused a significant tilt in the Curve pool After the news spread, the USD0++/USD0 pool with a TVL of 245 million USD in the Curve also experienced a crazy bank run from users. According to Curve data, the proportion of the pool has tilted severely, with USD++ accounting for 91.82% and USD0 accounting for 8.18%. Currently, the Exchange Rate of USD0++ reached a low of 0.9 USD0 at 1 pm and then rebounded, now reporting 0.9532 USD0. As for the price of USD0, it was not affected and is still pegged to the dollar; however, interestingly, the governance token USUAl of Usual also did not suffer much, only dropping by 0.1% in the last 24 hours.