The stablecoin MSUSD has collapsed by 90%: a conflict with auditor Accountable triggered a cascading crisis.
On June 20, 2026, the MSUSD stablecoin from the Main Street project lost its peg to the US dollar. The asset's price collapsed by more than 90%, falling significantly below the target mark of $1. The reason for such a sharp decline was a severed relationship with the reserve verification provider, the Accountable service, which unilaterally terminated cooperation with Main Street, citing the protocol's non-compliance with verification standards.
Immediately after the monitoring was disconnected, the MSUSD exchange rate dropped sharply. The Main Street team described the incident as a technical reporting issue and stated that the assets are fully backed. To support liquidity, the developers allocated $8 million in USDC. The project has already begun searching for a new auditor to restore market confidence.
Panic in DeFi: Closure of the Altura Fund
The MSUSD incident triggered a wave of panic in other DeFi services. The Altura protocol announced the closure of its main vault worth $39 million due to a mass withdrawal of funds. Within 24 hours, users withdrew over $8.5 million in USDT. Altura head Ranvir Arora explained that the project had no direct investments in MSUSD, but both protocols used the same auditor — Accountable. This caused distrust in the reliability of all associated assets.
The Altura team has begun gradually returning funds to users, but the process will take time, as part of the assets are placed in long-term strategies and real-world assets (RWA). Other Altura products continue to operate normally.
My analysis: This incident is a vivid example of how dependence on a single auditor can become a "bottleneck" for an entire ecosystem. The stablecoin market, despite a record capitalization of $323 billion in May, remains extremely vulnerable to such technical and reputational failures. Investors should reconsider their project selection criteria, paying attention not only to backing but also to the diversification of audit checks.