After the Stream Finance debacle—where its own dollar-pegged token XUSD faceplanted—USDX decided to join the party, slipping from its dollar target on Nov. 6.
At the time of writing at 7 p.m. Eastern time, USDX remains below its intended dollar peg, changing hands at $0.6159 per coin after clawing its way back from an intraday low of $0.3736.
USDX stats via Coingecko.com at 6:57 p.m. Eastern time on Nov. 6, 2025.
No one’s entirely sure what went down, but word on the chain is that the Balancer exploit might be to blame. Depeg connoisseur Luke Chmiel noted on X that this could very well be the smoking gun. “Looks like USDX/sUSDX was hit by the Balancer exploit for $1M, but there may be something deeper going on as it has now depegged to 0.825, shedding $120m of market cap in the last few hours,” Chmiel said.
“On Monday, the Stable Labs team announced they would plug the hole from the exploit but also decided to limit cross-chain bridge flow rates and removed liquidity from Arbitrum and Base,” Chmiel’s X post adds. Seems like its been crickets since then, with no updates for users who were told that their funds were safe and that cross-chain liquidity would be restored.”
Three days ago, Stable Labs admitted there was an incident connected to the Balancer V2 Vault. That didn’t stop Pancakeswap’s official account from calling them out in the replies on Thursday, firing off: “When you gonna show up to solve the liquidity problem? Users are waiting and you have not even posted one tweet, we are expecting a rational solution!”
Whether USDX can fully regain its footing remains to be seen. Meanwhile, opportunistic scammers have swarmed Stable Labs’ X post, posing as the project and trying to lure unsuspecting users into fake recovery schemes. Several other X users are also pressing for answers, flooding the comments with demands for an update from the Stable Labs team.
- What caused the USDX stablecoin to depeg?
The USDX depeg is suspected to be linked to the Balancer V2 exploit, which drained over $100 million. - How low did USDX fall during the depeg?
USDX dropped to an intraday low of $0.3736 before recovering slightly. - When did the USDX depeg occur?
The depeg took place on Nov. 6 at 7 a.m. EST, following the Stream Finance stablecoin fallout. This is the second stablecoin to depeg this week.
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