The stablecoin MSUSD has crashed by 90%: a conflict with auditor Accountable has triggered a crisis of confidence
On June 20, 2026, the MSUSD stablecoin, issued by the Main Street project, lost its peg to the US dollar. The asset's price collapsed by more than 85–90%, falling significantly below the target mark of $1. This event became one of the sharpest de-peggings in DeFi history.
The collapse was caused by a severed relationship with the reserve verification provider, the service Accountable. The latter unilaterally terminated cooperation with Main Street, citing the protocol's non-compliance with internal verification standards. As soon as monitoring was disabled, the market instantly reacted with panic selling.
The Main Street team hastened to reassure the community, calling the incident a "technical reporting issue." Developers claim that the assets are fully backed and allocated $8 million in USDC to support liquidity. However, investor confidence has been undermined. The project has already begun searching for a new auditor.
Domino Effect: Closure of the Altura Fund
The MSUSD incident triggered a chain reaction in other DeFi protocols. The Altura platform, managing a $39 million vault, announced the suspension of its main liquidity pool. The reason was a massive outflow of funds: within a day, users withdrew over $8.5 million in USDT.
Altura's head, Ranvir Arora, explained that the project had no direct investments in MSUSD. Nevertheless, both protocols used the same auditor — Accountable. This coincidence sparked a wave of distrust. Altura has already begun a phased return of assets, but some funds are placed in long-term strategies and RWAs, which prolongs the process.
Recall that in May 2026, the total market capitalization of stablecoins reached an all-time high of $323 billion. The current crisis clearly demonstrates how fragile this ecosystem can be when trust in auditors and issuers collapses within hours.
My comment: This incident is yet another reminder that stablecoins, especially from little-known projects, are never risk-free assets. Dependence on a single reserve verification provider is a critical vulnerability. While Main Street searches for a new auditor, the market will closely watch whether the team can restore parity and regain trust. Without transparent and independent reserve verification, any "stable" asset risks repeating the fate of MSUSD.