Reserve Temporarily Halts eUSD and USD3 Minting, Redemption Function Remains Open
This content has been translated by AI
Summary
BroadChain learned that at 10:00 on April 20, according to PANews, the Ethereum stablecoin platform Reserve announced that, due to closely monitoring the Kelp DAO attack incident, it has temporarily suspended the minting and rebalancing functions for eUSD and USD3, as well as RSR unstaking, while the redemption function remains open. The platform assessed that if the mainnet rsETH experiences a devaluation of 15.5% to 18.5%, it could potentially trigger bad debt on Aave and affect the USDC collateral on Aave V3. In such a scenario, RSR stakers within USD3 and eUSD might serve as 'first loss capital' to provide protection, but the impact is expected to be minimal, and the existing RSR over-collateralization is sufficient to cover it.
BroadChain has learned that at 10:00 on April 20, according to PANews, the Ethereum stablecoin platform Reserve announced that due to closely monitoring the Kelp DAO attack incident, it has temporarily suspended the minting and rebalancing functions of eUSD and USD3, while also suspending RSR unstaking, but the redemption function remains open. The platform assessed that if the mainnet rsETH experiences a devaluation of 15.5% to 18.5%, it could potentially trigger bad debt on Aave and affect the USDC collateral on Aave V3. In that scenario, RSR stakers in USD3 and eUSD may act as "first loss capital" to provide protection, but the impact is expected to be minimal, and the existing RSR over-collateralization is sufficient to cover the risk. The platform emphasized that its ETH+ and bsdETH products do not contain any rsETH collateral at all, posing zero risk. Users requiring RSR collateral protection are advised to continue holding.