Main Street USD, also known as msUSD, lost its dollar peg and crashed to around $0.25. At points, the token dipped as low as around $0.06. The asset, issued by Main Street Finance, is supposed to be redeemable 1:1 with Circle's USDC stablecoin. It's used as part of a yield strategy that is marketed as "democratizing the options box spread strategy through a stablecoin". Prior to the depeg, there was about $80&nbsp;million msUSD in circulation.<p>On June 20, the verification provider Accountable announced that they had "terminated its service agreement with MainStreet, effective immediately. MainStreet was unable to meet our verification standards." The sudden loss of confidence in the token caused the price to plummet as holders rushed to withdraw funds.</p><p>Main Street issued a statement, claiming that "Mainstreet remains fully backed" and that "this is an infrastructure and reporting issue, not a solvency issue." However, they noted that "while our portfolio remains fully backed, converting positions into immediate liquidity depends on prevailing market depth and market-maker appetite."</p>

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