Stablecoin Cemetery

Hubble Protocol launched USDH in 2022 as one of the earliest Solana CDP stablecoins, peaking near $14M. By May 2026 CoinGecko reports a $0 market cap, on-DEX volume has collapsed, and the redemption pool no longer offers a credible exit. The asset is treated as wound down; future coverage scans should skip it. Symbol collides with Native Markets USDH (tracked) and Hermetica USDH (tracked).

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Paxos completed its acquisition of Membrane Finance in February 2025 to absorb its Finnish EMI license and EU stablecoin issuance rails. As Paxos consolidated its product lineup, the EUROe business line was decommissioned and the platform transitioned to redemption-only mode in May 2026, with no new minting or trading. Existing holders were instructed to complete KYC and redeem outstanding EUROe 1:1 for euros via SEPA through Paxos Issuance Europe.

The Fedz launched FUSD as a synthetic dollar on Arbitrum (contract 0x894341be568eae3697408c420f1d0acfce6e55f9) and traded near peg through late 2025. By May 2026 the protocol's homepage no longer resolved, no DefiLlama TVL was indexed, and 24h on-DEX volume had collapsed to ~$100 against ~$1.5M circulating. No exploit or formal wind-down announcement was made — Pharos categorizes this as abandonment based on the loss of project infrastructure and the ~7% sustained depeg with no redemption path.

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By April 2026, Buck's public site had become a shutdown notice saying the project was closed and funds were returned to token holders, while the former transparency page no longer served a reserve disclosure. Pharos freezes BUCK as a discontinued archive rather than an active yield-bearing stablecoin: the last live cache showed only about $4.6K of residual supply, no reliable price, and no working issuer reserve feed. The failure mode was an orderly wind-down rather than an oracle or collateral break, but live monitoring no longer has an active issuer disclosure surface to follow.

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Nerite built USND on immutable Liquity V2-style contracts, but one of its approved collateral branches depended on rsETH. After the rsETH hack impaired that collateral, Nerite could not simply patch the market away or rewrite the risk controls. Supply collapsed from a $2.7M peak to under $100K, leaving USND as an archived case study in how immutable CDP systems can still inherit external collateral failure when a supported asset breaks upstream.

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On 22 March 2026, an attacker exploited Resolv's single-EOA minter — no oracle, no amount cap, no max-mint guard — depositing 100K USDC and receiving 50M USR in return, then iterating until 80M unbacked USR existed for ~$25M of extracted ETH. USR crashed to $0.025 in 17 minutes; the RLP insurance layer absorbed the bad debt and was wiped out, dragging Stream Finance's $17M position down with it. Resolv burned 46M of the unbacked supply via a blacklist freeze, but USR never recovered — by April it traded at $0.16 with $95M of collateral against $173M of liabilities. Delta-neutral collateral and Apostro-attested reserves were no defense against an operator-level privilege failure.

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Launched in late 2021 as agEUR — the first fully decentralized euro stablecoin — it briefly held the #1 spot among euro stablecoins with over 180 million tokens in circulation (~$200M). Tether's EURT overtook it in January 2022, and four years of slow erosion followed. A rebrand to EURA in March 2024 barely registered. By the time the team called it, EURA had fallen 98% to under $4M, ranking 10th among euro stablecoins. AIP-112 passed with just four voters — one casting 98% of the votes — a final measure of how few were still watching. The Angle team has moved on to Merkl, their DeFi incentive platform. Holders can redeem 1:1 for EURC until March 1, 2027.

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Launched in April 2024 as Angle's yield-bearing USD stablecoin — backed by T-bills and DeFi lending — USDA arrived just as yield-bearing stablecoins became a commodity. It never found meaningful adoption. Wound down alongside EURA via AIP-112 in March 2026; holders can redeem 1:1 for USDC through the Angle Transmuter until March 1, 2027.

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Gyroscope's cross-chain GYD contract was exploited at the end of January 2026. The team told users not to interact with GYD, paused Gyro liquidity pools containing the token, and later offered a settlement to recover enough ETH to make users whole. The recovery never materialized publicly: Ethereum transfers stopped on January 31, Etherscan now reports 0 circulating GYD and $0 circulating market cap, CoinGecko no longer resolves the token through its API, and the remaining Balancer pools are one-sided GYD with zero volume.

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Tether's offshore yuan experiment never became more than a footnote beside USD₮. On February 20, 2026, Tether stopped all new CNH₮ issuance and put the token on a one-year redemption clock, citing low interest, limited sustained demand, and the operational burden of keeping it alive. CNH₮ was supposed to give crypto a yuan rail; instead it spent most of its life as a thinly used side product. Holders can still redeem until February 20, 2027, but the decision itself was the death certificate.

Mustang Finance was a stablecoin on the SagaEVM chainlet. On January 21, 2026, an attacker abused IBC mechanics to drain Saga Dollar (sister stablecoin); the same exploit wiped out Mustang and Colt. Mustang's residual ~$77M reported circulating is legacy debt with no live redemption path.

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Palm USD promised to bridge Islamic finance and crypto with a Shariah-compliant, un-freezeable stablecoin backed by Gulf currencies. Despite announcing a $2.8B purchase agreement, actual circulating supply briefly touched $26M before collapsing to $81K. The billions sit perpetually 'unreleased.'

Saga Dollar was the native stablecoin of the SagaEVM chainlet, a Cosmos SDK-based L1 app-chain. On January 21, 2026, an attacker deployed malicious contracts that abused IBC mechanisms to mint tokens out of thin air, draining nearly $7M in USDC, yUSD, ETH, and tBTC to Ethereum mainnet. The chain was halted at block 6,593,800. Saga Dollar depegged to $0.75, and the sibling stablecoins Mustang and Colt were also wiped out. The exploit did not involve a consensus breach — just a creative reading of IBC semantics.

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Synnax launched as the first SEI-backed stablecoin on the Sei network, allowing users to mint syUSD against SEI collateral. On January 9, 2026, an attacker exploited the protocol via a flash loan, borrowing approximately 1.96 million WSEI (~$240K) from the Synnax contract without repayment. The protocol migrated to a new contract but never recovered — trading volume dropped to $15/day and supply continued bleeding from its $3.9M peak. DefiLlama marks it dead from January 15, 2026.

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Paxos International launched Lift Dollar in 2024 as a yield-bearing stablecoin regulated by ADGM (Abu Dhabi), distributing daily yield via rebase from T-bill reserves. It peaked at $128.7M on Ethereum before Paxos decided to consolidate around USDG and the Global Dollar Network. Minting ceased October 8, 2025; rebasing stopped December 8, 2025; remaining balances were auto-converted to USDG. A clean, regulated wind-down — no depeg, no drama, just strategic prioritization.

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Over-collateralized stETH-backed CDP exploited via a CPIMP (Clandestine Proxy In the Middle of Proxy) attack on December 4, 2025, allowing the attacker to mint ~98M fraudulent USPD tokens and drain ~237 stETH. Legitimate supply never exceeded $500K; V2 was announced but never launched.

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Lost 97% of value overnight when counterparty Stream Finance disclosed a $93M loss, wiping out 65% of deUSD's collateral.

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Yield-bearing stablecoin that collapsed when an external fund manager disclosed a $93M loss. xUSD plunged 77% from $1 to $0.26, freezing ~$160M in user deposits. The collapse exposed $285M in interconnected DeFi debt and caused cascading contagion that also toppled deUSD and Stables Labs USDX.

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Yala's BTC-backed stablecoin survived its first death in September 2025 when a security breach minted 120 million unauthorized YU tokens, draining $7.6M. The team injected $5.5M and clawed back the peg. Two months later, runaway borrowing drained all liquidity pools and YU collapsed again to $0.44. This time, nobody came to resuscitate.

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Synthetic USD backed by delta-neutral positions across exchanges. A Balancer V2 security flaw drained $1M, then contagion from Stream Finance's $93M loss accelerated a full collapse. USDX crashed 64% to $0.35 as founder Flex Yang's wallet was linked to addresses draining liquidity. Now trades at $0.01–0.04 with Discord shut down.

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The Level team was acqui-hired by another DeFi protocol and announced the sunsetting of lvlUSD. Users could unstake and redeem with cooldown periods reduced to 2 seconds.

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A yield-bearing wrapper around Paxos's USDL via Morpho Blue, killed by Paxos's decision to wind down USDL. Coinshift stopped accepting new deposits and raised borrow rates to close positions.

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Beanstalk's first fork tried to give the credit-based stablecoin model a clean shot on Base, free from the governance exploit that killed the original. Without collateral backing and with insufficient demand for protocol debt, the price slid relentlessly from $1 to $0.11, proving the flaw was in the design, not the implementation.

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Mountain Protocol USDM was a regulated, yield-bearing stablecoin backed by U.S. Treasuries, earning an S&P stability assessment and peaking at $154.6M across Ethereum and Optimism. Anchorage Digital acquired Mountain Protocol in May 2025 and immediately began a three-phase wind-down: minting ceased May 12, yield dropped to zero June 11, and primary market redemption closed August 22. Remaining USDM was deposited into a Uniswap USDC pool for secondary market exit. The team and tech were absorbed; the stablecoin was not.

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TRON's legacy decentralized stablecoin was deliberately sunset as the ecosystem shifted to USDD. CDP functions ended August 2025, and 95% of supply was redeemed at a fixed rate of 1 USDJ = 1.5532 TRX.

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Float Protocol launched in 2021 with an ambitious vision: a floating-rate stablecoin backed by ETH, with a target price initialized at $1.618 (the golden ratio). Supply expanded and contracted via Dutch auctions using ETH and the BANK governance token. The protocol peaked at ~$5M market cap but never gained meaningful adoption. By 2025, the anonymous team had vanished, the website went dark, GitHub fell dormant, and supply froze at ~$654K. The contracts remain on Ethereum — an immutable monument to the idea that stability doesn't require a peg.

A Liquity V1 fork on PulseChain where users minted USDL against PLS collateral at 110% minimum ratio. As PulseChain's ecosystem collapsed with PLS price down over 90%, USDL supply followed — from $33M peak to $3.4M. The immutable contracts still technically work, but with PulseChain abandoned by mainstream DeFi, nobody is using them.

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DYAD's novel Kerosene-token model for overcollateralized CDPs failed to sustain interest. Supply declined from $20M peak to near zero despite continued GitHub activity.

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Thala Labs' stablecoin on Aptos declined from $19M to near zero. Despite a $25.5M exploit in Nov 2024 (funds recovered), MOD simply failed to compete as USDT/USDC expanded on Aptos.

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GMO Trust's NYDFS-regulated stablecoin failed to gain market share despite expansions to Solana and Bitstamp listing. Supply dwindled to essentially zero while GMO's JPY stablecoin (GYEN) continues.

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Gravita Protocol's interest-free borrowing model against LSTs failed to maintain adoption as competitors offered better terms. Supply dropped from $15M to near zero.

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An RToken built on Reserve Protocol for yield-bearing exposure on Base. The Reserve platform thrives, but this individual RToken lost adoption as users moved to higher-yield alternatives.

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The first casualty of Liquity's own immutability principle. Legacy BOLD launched as the flagship of Liquity V2 — overcollateralized, decentralized, and permanently unchangeable. A Stability Pool vulnerability surfaced weeks after launch. The contracts couldn't be patched, so the team redeployed everything from scratch.

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Overnight Finance quietly wound down operations, leaving USD+ without active management or yield strategies.

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The Verified USD Foundation ceased support on December 31, 2024 and began removing all tokens from circulation. Backed by tokenized T-bills via Matrixport's STBT, the omnichain stablecoin never gained sufficient traction.

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Overnight Finance's yield-bearing DAI wrapper declined from $15M to near zero as the broader protocol wound down. CoinGecko reports circulating supply at zero.

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Peacefully retired by Tether as MiCA regulations made EU stablecoin issuance untenable. Holders given one year to redeem.

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After an $11.6M exploit in March 2024, Prisma Finance never recovered. Governance approved PIP-46 to decommission the protocol, reducing the debt ceiling to zero and introducing a PSM for orderly wind-down.

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Prisma's LRT-backed stablecoin was decommissioned alongside mkUSD after the March 2024 exploit. A stability pool bug discovered during wind-down allowed one user to drain ~14 ETH.

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zkBob's privacy-focused stablecoin was deliberately sunset as the protocol switched to USDC, USDT, and ETH. The team noted BOB "did not receive enough consumer usage to justify ongoing support."

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Born from the ashes of TenX, Mimo Protocol launched PAR as one of the first decentralized Euro stablecoins in early 2021, peaking at $25M during DeFi summer. But the euro-pegged CDP model never found product-market fit, and the team quietly pivoted to KUMA Protocol, tokenizing Swiss government bonds instead of minting synthetic euros. By late 2024, PAR's supply had cratered 90%, the governance forum went dark, and the MIMO token flatlined at $0.003 with zero daily volume.

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UXD Protocol's delta-neutral stablecoin on Solana survived the Mango Markets exploit but couldn't attract users. The team admitted the model "isn't exciting enough for DeFi users" and the DAO voted to sunset.

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Synthetix deprecated all non-USD spot synths on Ethereum mainnet as part of the V3 migration. sEUR holders who didn't swap in time could only redeem via the L1 redeemer contract at a discounted rate.

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Nostra's grand ambition to build Starknet's first native stablecoin launched with $472K of hope in April 2024 — and proceeded to lose 96% of its supply in a slow, silent hemorrhage. Initially pitched as an overcollateralized crypto stablecoin, then quietly rebranded to fiat-backed (1:1 USDC), UNO found itself answering a question nobody on Starknet was asking: why hold a wrapper when you can just hold USDC? Nostra pivoted to its NSTR governance token and scrubbed UNO from the main site.

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Lybra Finance V2's LST-backed yield-bearing stablecoin peaked at $128M. After mining incentives ended in June 2024 and development stalled, supply collapsed. The protocol is technically live but abandoned by its team.

Native overcollateralized stablecoin of the Canto L1 blockchain. Canto launched with 'free public infrastructure' DeFi primitives in late 2022, briefly attracting $300M TVL. As the chain's ecosystem collapsed, NOTE's supply fell 97% from $49M to $1.3M. The chain itself is essentially abandoned.

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Lybra's omnichain version of eUSD, designed for cross-chain use. Died alongside eUSD V2 when the team abandoned the protocol.

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Preon Finance's stablecoin quietly died as the Sphere ecosystem faded. No shutdown announcement was made; supply simply declined from $32M to near zero.

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JPEG'd's stablecoin minted against NFT collateral declined alongside the broader NFT market collapse. The protocol token stopped trading and the project was effectively abandoned.

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Despite $3.7M in seed funding from Pantera and Solana Ventures, Hedge Protocol's stablecoin on Solana failed to gain traction in a competitive DeFi landscape. Supply dwindled from $11M to near zero.

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Stabl.fi's CASH was the native stablecoin of an ambitious Polygon DeFi empire spanning Satin Exchange, Retro DEX, and more. When Satin's launch imploded on day one, the ecosystem was rebranded around Retro — a Thena fork that briefly hit $18.8M TVL before bleeding out. The team's last blog post in February 2024 acknowledged 'adoption has been fairly low and TVL has bled,' then went silent. The website, docs, and dreams of a cross-chain yield-bearing indexcoin now all return connection refused.

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The original DYAD stablecoin launched in December 2023 as an overcollateralized CDP with an immutable contract design. When the team needed to add flash-loan protection and the XP/Kerosene incentive mechanism, v1's immutability made upgrades impossible. In June 2024 they deployed an entirely new v2 contract set — a bold-style migration that left v1 holders to manually migrate their collateral. The 600K DYAD minted on v1 was never formally redeemed; the contracts simply went silent.

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The original Beanstalk was drained of $182M in a flash-loan governance attack in April 2022. Undeterred, the team relaunched on Arbitrum with a credit-based model where soil demand and adjustable interest rates (Temperature) were supposed to keep BEAN at $1. It didn't. BEAN slipped below peg in mid-2024 and never came back, proving the design flaw was in the algorithm, not the security. Even Pinto, the community fork that tried the same model on Base, met the same fate.

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The idealist's stablecoin: RAI rejected the dollar peg, embraced 'ungovernance,' and floated freely on pure math and ETH collateral. The team achieved their goal of removing all human governance, then did what the protocol couldn't: moved on to build HAI on Optimism.

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Yeti Finance's cross-margin lending protocol on Avalanche allowed borrowing YUSD at 0% interest against diverse collateral. After declining TVL and concentration among few users, the team announced dissolution in December 2023, raising interest rates to encourage position closure and returning 90% of treasury to YETI holders.

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Liquidity pools drained after Iron Bank's lending markets froze, leaving no clear path to repeg. Still trades at a fraction of face value.

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Allowed minting R stablecoin against wstETH and rETH collateral. A smart contract exploit drained $3.3M in ETH — though the hacker lost money due to a slippage error, netting only ~$1.6M. Raft halted minting, offered a 42% recovery plan, and was abandoned.

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Tangible's grand experiment in real estate-backed stablecoins ended exactly how skeptics predicted: with a classic bank run on illiquid assets. USDR promised 16% yields backed by UK rental properties, but when the $6M DAI cushion was drained in a single week, holders discovered that tokenized houses cannot be liquidated at 3 AM on a Wednesday. The team candidly admitted there were 'too many attack vectors in the design.'

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Vesta Finance dissolved after founders proposed to exit citing "cultural differences." Community voted 96% for dissolution; VSTA holders received pro-rata treasury redemptions in USDC and ARB.

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Hector Network's stablecoin collapsed after the Multichain bridge exploit wiped out $8M of treasury assets. The DAO voted to liquidate the remaining $16M treasury, ending a project already plagued by allegations that the team squandered $100M+ in funds.

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Bridge-wrapped USDC on Fantom became worthless overnight when the Multichain bridge collapsed after the CEO was arrested by Chinese authorities. ~$180M in 'USDC' was revealed to be backed by nothing as the team lost access to MPC servers. Circle froze $63M, and Fantom's entire DeFi ecosystem was devastated.

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Parrot Protocol raised $85M during Solana's DeFi summer, backed by Alameda Research. Two years and one FTX collapse later, the team held a governance vote to liquidate the $74M treasury and go tokenless. The vote passed 99.8% — allegedly stuffed with insider wallets — and IDO investors got back a dime on the dollar.

Acala's aUSD lost its peg after a catastrophic exploit in August 2022 minted 1.28 billion unauthorized tokens. Converted to aSEED in July 2023, ceasing to function as a stablecoin.

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FIAT DAO created a clever primitive: mint a dollar-pegged stablecoin against fixed-income assets like Notional fCash and Sense Principal Tokens. But the protocol barely reached $2M before its parent entity merged with BarnBridge — right before the SEC came knocking. When BarnBridge halted all operations in July 2023, FIAT was left orphaned with $7,600 of permanently stuck tokens and a domain that no longer resolves.

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Unit Protocol's USDP accepted everything from Yearn vaults to SushiSwap LP tokens as collateral — a collateral buffet that attracted nearly $280M. But quantity of options couldn't substitute for quality of demand, and when Paxos swooped in with its own 'USDP' ticker, the identity crisis accelerated the decline. Supply withered to under $10K.

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USDK did everything right on paper: regulated US trust company, ERC-20 standard, clean audits. But its custodian Prime Trust was secretly gambling client funds on algorithmic stablecoins. When Prime Trust collapsed into receivership — revealed to be $82M short on customer fiat — USDK's 'fully backed' promise became just another line in a bankruptcy filing.

GFX Labs' fractional reserve experiment promised to be Ethereum's answer to traditional banking — mint USDi by depositing USDC, earn rebasing yield from borrowers. Launched with Chainlink oracles and a $2.5M seed round, USDi briefly touched $8.4M before the bear market crushed demand for yet another USDC wrapper. The team quietly pivoted to DAO governance consulting and DEX development, leaving USDi to wither to under $20K.

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mStable dreamed of unifying the fragmented stablecoin landscape — one meta-stablecoin to swap them all, with built-in yield. It touched $171M, but frictionless stablecoin swaps couldn't compete with DEX aggregators and simple USDC. When the co-founder walked away in early 2023, the DAO chose an honorable death: acquisition by dHedge.

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Reserve's prototype stablecoin was deprecated when the protocol launched its RToken system. eUSD (Electronic Dollar) replaced RSV in the LATAM-focused Reserve app.

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Once the third-largest stablecoin at $23.5B. The NYDFS ordered issuer Paxos to stop minting, while the SEC signaled intent to sue. Binance ceased support in Dec 2023, auto-converting remaining balances to FDUSD.

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Platypus Finance's stablecoin was backed by LP tokens from its stableswap pools. A flash loan exploit in February 2023 drained $8.5M, collapsing USP's peg. The protocol never recovered and ceased operations.

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Sperax promised auto-yield just from holding its stablecoin on Arbitrum — no staking required. Then a rebasing bug let someone mint 9.7 billion tokens out of thin air. The funds came back, but user trust didn't. Backed by Alameda at peak hubris, USDs survived its exploit only to bleed out slowly.

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A fiat-backed stablecoin tied to the Huobi ecosystem. When Justin Sun acquired Huobi and replaced it with USDD, HUSD was delisted with no redemption path. Crashed to $0.28.

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NEAR Protocol's native algorithmic stablecoin launched in April 2022. After UST's collapse, it was hastily converted to USDT-backed, but a double-minting bug left it $40M undercollateralized. The NEAR Foundation formally shut it down in October 2022 with a $40M 'USN Protection Programme.' Remaining ~$38M sits unredeemed.

A partially algorithmic stablecoin on Avalanche from the Spice Trade DEX ecosystem. Launched in May 2022 into the post-UST wreckage, it never gained meaningful adoption. The peg broke almost immediately, sliding to $0.07, and the anonymous team abandoned the project. $18M in ghost supply sits unredeemable on Avalanche.

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Raised $1.3B in ETH at launch, but Tribe DAO voted to wind down citing mounting technical, financial, and regulatory risks. An $80M hack of merged Rari/Fuse lending markets sealed its fate. Holders redeemed 1:1 for DAI.

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The first CPI-pegged stablecoin promised inflation protection via yields from Rari Fuse lending markets. When the $80M Fuse exploit wiped out those markets, VOLT lost its yield engine. The Tribe DAO dissolution four months later removed the last collateral backstop; the team pivoted to Ethereum Credit Guild.

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CoinFLEX's interest-bearing stablecoin promised yields up to 114% APY from its futures lending market. When Roger Ver's account blew an $84M hole in the exchange, flexUSD holders discovered 'interest-bearing' also meant 'loss-bearing.' The exchange froze all redemptions, rebranded into OPNX with Three Arrows Capital's founders, and that venture also collapsed. 166M flexUSD tokens sit unredeemable at $0.08.

Kava's flagship stablecoin was the crown jewel of the first cross-chain DeFi hub — mint USDX by depositing BTC, XRP, BNB, or KAVA into CDPs on Cosmos. It peaked at $176M in April 2022, then UST's implosion exposed a fatal flaw: USDX had accepted UST as collateral. The peg cracked to $0.55 and never healed. Kava Labs quietly pivoted to AI infrastructure and 'DeCloud' ambitions, leaving USDX to bleed over three years to $11M, trading at $0.44.

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Fantom's native overcollateralized stablecoin required 300-500% FTM collateral ratios, but collapsed alongside the broader DeFi crisis in 2022. Traders exploited the gap between its market price and collateral value, devastating protocols like Scream. The peg broke to $0.50-$0.70 and never recovered, sliding to under $0.10. With the Fantom network itself migrating to Sonic, fUSD became a zombie token — still in wallets, but functionally dead.

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The largest stablecoin collapse in history. UST's algorithmic peg relied on minting/burning LUNA, but a coordinated sell-off triggered a death spiral that vaporized $40B in combined value within days. Anchor's unsustainable 20% yield had concentrated 70% of supply in a single venue.

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The most-used non-USD stablecoin in the Terra ecosystem, powering real Korean e-commerce payments via the CHAI app with millions of transactions. Destroyed alongside UST and LUNA in the May 2022 death spiral — all Terra stablecoins died simultaneously, but KRT was the only alternative peg with meaningful market cap.

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An algorithmic stablecoin on Fantom hit by flash loan exploits totaling $16M, then finished off by contagion from UST's collapse. A further hack in May 2023 delivered the final blow.

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Succumbed to an algorithmic death spiral after WAVES price manipulation destabilized collateral backing. Rebranded to XTN, now trading at $0.02.

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The original Beanstalk deployment grew to $100M and $144M in liquidity before a flash-loan governance attack drained $182M. The attacker flash-loaned $1B+ to gain 79% governance power and passed a malicious proposal in a single transaction. BEAN crashed from $1 to $0.09. The protocol was 'Replanted' with new contracts four months later.

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Missing validation code on Solana allowed an attacker to mint 2 billion CASH using a fake worthless token as collateral, draining $52M. CASH crashed from $1 to $0.00005 in minutes. The unaudited contract was a sitting duck. The hacker, Shakeeb Ahmed, was later caught and sentenced by the DOJ.

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Venus Protocol's synthetic stablecoin on BSC was minted freely during DeFi summer 2021 — too freely. A $77M bad-debt crisis cratered confidence, VAI shed its peg to $0.74, and minting was paused. Supply collapsed 99% from $300M+ to under $3M.

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Dubbed crypto's "first large-scale bank run." IRON was partially collateralized (75% USDC, 25% TITAN token). When whales dumped TITAN at its peak, a flawed redemption mechanism sent TITAN from $65 to zero in hours, dragging IRON down with it.

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Pioneered the "seigniorage shares" model in DeFi. When ESD traded below $1, users could buy coupons (burning ESD) in hopes of future redemption at a profit. The mechanism worked during expansion but collapsed when confidence evaporated — coupons expired worthless, and ESD fell to $0.01.

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A fork of ESD with faster epoch cycles (2 hours vs 8 hours), designed to stabilize more quickly. Instead, the shorter cycles amplified volatility. DSD spiked to $3 during expansion then collapsed to $0.24 in the same month, proving that faster reflexivity cuts both ways.

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An anonymous fork of the Basis design, BAC lost its peg within weeks of launch. Later revealed to be co-founded by Do Kwon under a pseudonym -- who learned nothing before building the even more catastrophic TerraUSD.

One of the first stablecoins ever created (2014), NuBits held its peg for two years before collapsing when holders dumped it to chase Bitcoin gains. A pioneering cautionary tale about algorithmic pegs backed by volatile assets. (Excluded from timeline view due to early date.)