USDX (Stables Labs (USDX)) has decreased by 17.57% over the past 24 hours.

Gate News Bot Report — November 7

According to CoinMarketCap data at press time, USDX (Stables Labs (USDX)) is currently trading at $0.82, down 17.57% over the past 24 hours. The price reached a high of $1.00 and a low of $0.53 within the same period, with a 24-hour trading volume of $399,600.

Stables Labs is a next-generation stablecoin infrastructure provider focused on creating a decentralized, bankless stablecoin issuance ecosystem. By bridging the gap between DeFi, CeFi, and TradFi, Stables Labs aims to redefine financial stability and yield accessibility. Its core is the Smart Stability System (SSS), which offers innovative stablecoin solutions with enhanced scalability, security, and yield potential.

USDX is a delta-neutral synthetic stablecoin backed 100% by cryptocurrencies, providing censorship-resistant stability by bypassing banks. It is scalable, generates yields from crypto arbitrage, and maintains transparent reserves and insurance.

Recent key updates on USDX:

1️⃣ USDX Experiences Significant Decoupling The USDX stablecoin price has shown notable volatility, dropping sharply from its $1 peg. This decoupling has raised concerns about USDX’s stability, likely contributing to the 17.57% decline over the past 24 hours.

2️⃣ PancakeSwap Monitors USDX Risks Decentralized exchange PancakeSwap is closely monitoring USDX’s situation, especially potential bad debt issues. This indicates that USDX’s stability concerns have attracted the attention of major DeFi platforms, possibly impacting market confidence.

3️⃣ Market Liquidity Is Affected The sharp price fluctuations and potential stability issues may lead to decreased market liquidity for USDX. Its relatively low 24-hour trading volume of $399,600 could exacerbate price swings, creating a negative feedback loop.

From a technical perspective, USDX has broken through several key support levels and may face further downward pressure in the short term. Fundamentally, Stables Labs needs to act swiftly to restore USDX’s stability and rebuild market confidence.

This news is not investment advice. Please be aware of market risks when investing.