The X platform account of Vivek Ramaswamy, co-leader of the DOGE efficiency department, was hacked today, posting false statements claiming a collaboration between the DOGE department and USUAL. Despite the immediate refutation, the price of USUAL still hit a historic high, soaring more than 30% in a single day.
The governance token USUAL of the decentralized fiat stablecoin issuer Usual has been soaring since its official launch in November. The X platform account of Vivek Ramaswamy, co-leader of the DOGE efficiency department, released a statement last night claiming that the DOGE department has partnered with USUAL to reduce federal budget deficits and promote cryptocurrency initiatives.
We believe this partnership will not only promote financial responsibility but also encourage greater financial inclusion... We are committed to exploring new ways to leverage the potential of digital currencies for sustainable economic growth and stability.
The price of USUAL surged following the news; however, Azoria Partners CEO James Fishback quickly refuted the claims, stating that Vivek Ramaswamy confirmed to him that his account was hacked, and the collaboration announcement between DOGE and USUAL was a scam. The fraudulent tweet has since been deleted.
However, astonishingly, after the refutation was issued, the price of USUAL continued to climb, reaching a peak of $1.6521 at 2 PM today, setting a new historic high, with a one-day increase of over 30%. It only fell back in the last two hours, currently reported at $1.4485, with a 24-hour increase of 26%.
Usual is a stablecoin protocol that launched USD0, a fully compliant, permissionless stablecoin backed 1:1 by real-world assets (RWA). USUAL is a governance token that allows the community to guide the future development of the network.
USUAL recently announced a partnership with Ethena and Securitize to launch the 'Stablecoin Triad' strategy, emphasizing liquidity, yield, and composability, aiming to reshape the DeFi ecosystem with key highlights including:
Real asset backing: The first time accepting USDtb and BUIDL as collateral, achieving stability and high liquidity.
Yield enhancement: Creating market-leading yields in the stablecoin sector through RWA (real assets) and delta-neutral strategies.
Portfolio interoperability: Achieving low slippage and high efficiency liquidity through the 1:1 exchange mechanism of USDtb, USD0, and sUSDe.