On June 20, the “stablecoin” MSUSD from the Main Street project lost its peg to the US dollar. The asset’s price fell significantly below the target mark of $1.
#PeckShieldAlert ethereum:0x4ba01f22827018b4772cd326c7627fb4956a7c00 has dropped -85% @Main_St_Finance https://t.co/RLnpvBthg0 pic.twitter.com/hF3bEPk14m
— PeckShieldAlert (@PeckShieldAlert) June 20, 2026
The collapse was triggered by a conflict with the reserve verification provider Accountable. The service unilaterally ceased operations with Main Street, citing non-compliance with verification standards. Immediately after the monitoring was disabled, the MSUSD rate plummeted by more than 90%.
The Main Street team described the incident as a technical reporting issue. Developers claim the assets are fully backed and have allocated $8 million in USDC to support liquidity. The project is seeking a new auditor.
Market Reaction and Altura Fund Closure
The incident caused panic in other DeFi services. The Altura protocol announced the closure of its main $39 million vault due to mass withdrawals.
Dear Users,
Over the past 24 hours, we have experienced an unprecedented level of withdrawal requests and have successfully processed more than 8.5 million USDT in instant redemptions.
Given the sustained withdrawal demand and current market sentiment, we have made the…
— Ranveer (@ranveerar89) June 21, 2026
In 24 hours, users withdrew over $8.5 million in USDT. Altura’s head, Ranveer Arora, explained that the project had no direct investments in MSUSD. However, both protocols used the same auditor — Accountable.
The Altura team has begun the gradual return of assets to users. The process will take some time, as part of the funds are placed in long-term strategies and RWA. Other Altura products continue to operate as usual.
In May, the total market value of stablecoins reached a historic high of $323 billion.
