Magic Internet Money (MIM), a once-popular DeFi stablecoin from Abracadabra, has lost over 95% of its $1 peg, trading around 4.46 cents as of September 2026. After a sharp decline starting mid-2026 and failed stabilization efforts, Abracadabra now proposes to wind down MIM, settling debts at about 4 cents on the dollar, meaning holders face significant losses. This collapse highlights the fragility of decentralized stablecoins amid market turmoil and waning confidence, with broader implications for DeFi's stability mechanisms and governance tokens like SPELL. The winding down marks a major setback for Abracadabra and adds to concerns about the viability of overcollateralized stablecoins in volatile markets.
The story about Abracadabra's proposal to wind down Magic Internet Money (MIM) comes as a snapshot of the broader cryptocurrency market on Pluang. For readers following major cryptocurrencies, here is Pluang's market snapshot as of Sep 30, 2026 09:02 WIB: out of 50 major cryptocurrencies, 39 rose and 10 fell. Notable movers include ALGO at Rp2.268 with a 1-day change of -6.16%, LINK at Rp259.910 down 5.52%, and SNX at Rp4.590 up 5.30%.
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