According to TechFlow, on January 10, The Block reported that the update of the Usual Money protocol caused the price of its pledged stablecoin USD0++ to drop 8.5% from $1 to $0.915 on decentralized exchanges. The protocol introduced a dual-path exit mechanism, allowing users to redeem USD0++ at a floor price of 0.87 USD0, or choose to give up part of their earnings for a 1:1 redemption, but the change without prior notice triggered criticism from the community.
It is reported that USD0++ was originally a zero-interest bond token locked for four years, with a normal market value of $0.855, but it could be redeemed for USD0 at a 1:1 ratio. After the update, a large number of holders sold USD0++, causing it to be seriously unbalanced in the Curve pool, with price fluctuations up to 92%. Community members accused the team of not announcing in advance and locking up a large amount of funds, but some also believed that this move would help long-term stability.