PANews reported on November 5th that Yei Finance announced on its X platform this morning that, given the current market conditions for fastUSD, it has temporarily suspended the protocol's operation as a precautionary measure. The team is actively investigating and will provide an update within the next 24 hours. As of now, Yei Finance has not released any further updates.
It is understood that Elixir announced last year that deUSD would be the sole backing of the Sei yield stablecoin fastUSD. Previously , analysts stated that Stream Finance's $93 million loss could result in over $285 million in risk exposure, with the largest single exposure being Elixir's deUSD, which lent Stream $68 million in USDC, representing approximately 65% of deUSD's total reserves.
