PANews reported on June 25 that Abracadabra Finance announced it has acknowledged the MIM stablecoin de-peg issue and is taking emergency measures. Effective immediately, it will gradually increase interest rates on all Cauldrons (including deprecated markets) to encourage debt repayment and reduce the circulating supply of MIM. The current de-peg gives borrowers a natural incentive to repay at a discount, helping accelerate supply contraction. Until MIM regains its peg, direct incentives and Curve bribes will be suspended. The team said it is evaluating additional recovery plans and will release them in a timely manner.

Data shows that MIM is now trading at $0.5027, a 24-hour drop of 36.65%.