Compound, a leading DeFi lending protocol, has suspended several stablecoin lending markets on Ethereum, including USDC, USDS, and USDT, following a recommendation from risk management firm Gauntlet. This decision comes in response to a liquidity crisis involving Elixir's deUSD and sdeUSD, which are used as collateral in these markets. The crisis was sparked by Elixir's $68 million exposure loss to Stream Finance, which reported a $93 million fund loss on November 4.
Withdrawals for USDC and USDS were restored on November 6, and Compound plans to gradually resume these markets while prioritizing system safety. The suspension aims to mitigate risks and stabilize the platform amid ongoing financial challenges.
Compound Halts Stablecoin Lending on Ethereum Amid Elixir Crisis
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