Magic Internet Money (MIM) stablecoin analytics
MIM is Abracadabra's CDP-style stablecoin minted against interest-bearing tokens and crypto collateral in cauldron vaults, with automatic liquidations.
Static Profile
Static stablecoin profile
Magic Internet Money (MIM) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg US Dollar.
AI summary / Updated Jun 3, 2026
Battle-scarred CDP stablecoin minted against exotic crypto collateral in Abracadabra cauldrons; reflexive peg, no redemption backstop, and a steady-state user base too stubborn or leveraged to leave. Magic Internet Money has survived multiple hacks, a Treasury manager convicted...
AI summary · drafted by claude-opus-4-8 · reviewed by @TokenBrice on Jun 3, 2026 · facts as of Jun 3, 2026
- Collateral
- Interest-bearing tokens and crypto collateral deposited into active Abracadabra cauldrons, currently concentrated in yvDAI and WBTC with smaller yvWETH/WETH positions
- Peg Mechanism
- CDP-style cauldrons with overcollateralization and automatic liquidations (4% liquidation fee); borrowers are incentivized to buy MIM below $1 to repay debt; 0.5% borrow/interest fees accrue to sSPELL stakers and governance treasury
- Jurisdiction
- Not disclosed in the static profile.
- Proof Of Reserves
- No proof-of-reserves entry in the static profile.
Snippet Answer
Is MIM safe?
Pharos does not mark MIM as absolutely safe. Static metadata says Magic Internet Money uses a CeFi-Dependent governance model and Crypto-Collateralized backing, with live reserve feed configured; the main caveat is that freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
Next Actions
Exact bot target: /subscribe dews,depeg,safety mim-abracadabra
Source: checked-in StablecoinMeta profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier below; the summary above was last updated Jun 3, 2026.
MIM quick answers
What is Magic Internet Money (MIM)?
MIM is Abracadabra's CDP-style stablecoin minted against interest-bearing tokens and crypto collateral in cauldron vaults, with automatic liquidations. The static profile records its US Dollar peg mechanism as: CDP-style cauldrons with overcollateralization and automatic liquidations (4% liquidation fee); borrowers are incentivized to buy MIM below $1 to repay debt; 0.5% borrow/interest fees accrue to sSPELL stakers and governance treasury
What backs MIM?
Pharos classifies MIM backing as Crypto-Collateralized. Collateral, per the static profile: Interest-bearing tokens and crypto collateral deposited into active Abracadabra cauldrons, currently concentrated in yvDAI and WBTC with smaller yvWETH/WETH positions Reserve evidence: live reserve feed configured.
Can MIM be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. Live freeze and blacklist events for MIM, when applicable, appear in the dossier below.