YUSD Stablecoin

Yeti Finance's YUSD no longer functions as a stablecoin; the protocol behind it wound down in early 2024. On Avalanche, Yeti had offered cross-collateral borrowing that let users deposit a mix of yield-bearing assets and mint the dollar-pegged YUSD against them. In December 2023 the team announced a shutdown, citing falling total value locked and revenue, heavy concentration of YUSD among a few holders, and the standing risk of an exploit. Over the following weeks it ratcheted up interest rates to push borrowers to close positions, lifted its stability-module cap so users could swap out, and on February 4, 2024 automatically sold remaining collateral and repaid outstanding loans. Roughly 90 percent of the treasury was opened for token-holder redemption through a contract that closed on February 10. Offered under BVI terms and geo-blocked from US and UK users, the token is now defunct.