msUSD Stablecoin Plunges 71% as Accountable Ends Audit, OpenRouter Fusion Eyes Fable 5
Crypto News A dollar-pegged stablecoin called Main Street USD lost its peg on Saturday, collapsing roughly 71% in 24 hours after its verification provider, Accountable, abruptly terminated their service agreement. The token, which had traded near $1 for months, now changes hands around $0.29, cutting its market value to about $30.5 million. Accountable said Main Street could not meet its verification standards and severed the relationship effective immediately. With the data feed switched off, the protocols public reserves dashboard no longer confirms any collateral backing the token. The episode underscores how quickly confidence evaporates when third-party proof-of-reserves attestations disappear from a yield-bearing algorithmic stablecoin design. Accountable operates real-time proof-of-reserves checks that let firms verify holdings without exposing sensitive client data. The company says its network has verified more than $1 billion in client assets, including positions held by Galaxy and Amber Group, and it counts Pantera Capital among its backers. Main Street had marketed itself as Accountable-verified, running a public dashboard powered by the firm that tracked msUSD collateral in real time. In its statement, Accountable said it terminated the agreement because the protocol failed to meet its standards, adding that it would hold that line without exception. The withdrawal instantly stripped
