DEI becomes latest stablecoin to lose US dollar peg

The DEI token isn’t having a great week. Owned by Deus Finance, DEI is a stablecoin that is losing its peg against the US dollar, currently priced at around $0.59 compared to the ideal $1. This fall comes as a ripple effect after the demise of TerraUSD (UST), once the market’s third largest stablecoin. Usually, one DEI redeemed yields 80% USDC and 20% in the DEUS token. However, the ratio of USDC has fallen to 43%, which is causing issues in redemption for the DEI token.