Looking under the hood of some of these "yield bearing stablecoins" or "tokenized hedge fund" and its an ugly combo of leverage, interconnectedness, opaqueness and general incompetence
The contagion will start to emerge as other projects disclose exposure to xUSD or even indirectly by lending against it and now stuck with bad debt
Yesterday, an external fund manager overseeing Stream funds disclosed the loss of approximately $93 million in Stream fund assets.
In response, Stream is in the process of engaging Keith Miller and Joseph Cutler of the law firm Perkins Coie LLP, to lead a comprehensive investigation into the incident.
We are actively withdrawing all liquid assets and expect this process to be completed in the near term
To keep our stakeholders informed, we will provide periodic updates as additional information becomes available. Until we are able to fully assess the scope and causes of the loss, all withdrawals and deposits will be temporarily suspended. Any pending deposits will not be processed at this time.
Our decision to retain Perkins Coie LLP reflects Stream’s unwavering commitment to transparency and robust corporate governance.
It’s surprising to see protocols celebrating proactive risk management by being able to exit xUSD early without losses
They should take a step back and reevaluate their underwriting to address why they even had exposure to xUSD in the first place
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