CryptoMedium•30 September 2026•
1 min read
Abracadabra Proposes MIM Stablecoin Wind-Down at 4 Cents on the Dollar
Key Facts
1Abracadabra protocol proposed winding down the MIM stablecoin at a rate of four cents on the dollar.
2The proposal involves liquidating remaining collateral, converting it to Ether, and distributing proceeds to MIM holders.
The Abracadabra protocol has proposed winding down its MIM stablecoin at a rate of just four cents on the dollar, Crypto Briefing reported. The proposal involves liquidating the remaining collateral, converting it into Ether, and distributing the proceeds to MIM holders in an effort to address the terminal decline of the decentralized asset.
The liquidation plan follows a severe loss of the stablecoin's peg, with MIM trading at approximately $0.0446 as of mid-September 2026. According to TokenPost, the proposal estimates roughly $900,000 in recoverable backing against $21 million in bad debt, representing a recovery of only about 4% of the token's intended value.