Flash-Crash in 8 Minutes – the xUSD Story On 4 Nov 2025, Stream Finance’s “interest-bearing stablecoin” xUSD collapsed from US$1.00 to US$0.12, wiping out 88 % of its market-cap in one afternoon.Trigger: A 4× leveraged delta-neutral book built on opaque off-chain positions lost US$93 m during the 11 Oct crypto rout.After-shock: Within seven days > US$1 bn fled every “yield-bearing stablecoin” tracked by StableWatch—an exodus equal to a mid-size city-bank run.Mirror of 2008 – Packaging Risk as...

Flash-Crash in 8 Minutes – the xUSD Story On 4 Nov 2025, Stream Finance’s “interest-bearing stablecoin” xUSD collapsed from US$1.00 to US$0.12, wiping out 88 % of its market-cap in one afternoon.Trigger: A 4× leveraged delta-neutral book built on opaque off-chain positions lost US$93 m during the 11 Oct crypto rout.After-shock: Within seven days > US$1 bn fled every “yield-bearing stablecoin” tracked by StableWatch—an exodus equal to a mid-size city-bank run.Mirror of 2008 – Packaging Risk as...