Algorithmic stablecoin DEI of the Deus Finance DAO project lost its peg to the US dollar on May 15.
The price of the “stablecoin” reached $0.51. At the moment, the asset is trading at levels around $0.61.
Over the past 24 hours, the DEUS token, which is used to mint the stablecoin, has increased in price by approximately 5.62% to around $213.
The drop in the DEI price below $1 coincided with the publication of a proposal to launch a fixed-rate debt token program from DEUS Treasury:
“The stablecoin market has been rocked by the fall of the UST. We believe a strong $1 peg and full provisioning is the answer to addressing short-term stability.”
