Yala stablecoin $YU begins to de-peg from 1 USD! USDX exploded replica? Official announcement of investigation raises community doubts.

Yala stablecoin YU has started to depeg from 1 USD due to a single lending action triggering a liquidity crisis, with officials stating that a detailed investigation has begun. (Background: after the xUSD stablecoin depegged, the USDX pool has also dried up.) (Additional context: The USDX stablecoin announced that “holders can resume registration”, with the issuer Stable Labs stating that it does not guarantee redemption at 1 USD value.) Is the liquidity protocol Yala on the Bitcoin chain in danger? Previously, an anonymous address withdrew almost all USDC and most YU from the lending protocol Euler's Yala Frontier market in one go, causing the borrowing utilization rate to spike to 100%, which made it impossible for lenders to withdraw. Euler immediately set the lending limit for the Yala market to zero, but panic has spread, with Coingecko data showing that YU dropped to a low of 0.97 USD, clearly beginning to depeg. The community believes this is a “DeFi liquidity trap” similar in nature to USDX, and fears that YU will continue to drop sharply. The anonymous address that sparked the incident has not returned the funds for a long time, leaving the entire pool in a frozen state. Depositors are watching their funds locked on-chain but unable to withdraw. Earlier, Yala lost about 7.6 million USD in September due to an error in the LayerZero OFT bridge setup, with vulnerabilities already sown. This incident merely pressed the trigger, causing the hidden risks to explode. Cross-chain liquidity mismatches expose risks. Looking at the collateral and redemption mechanisms of YU, it can be found that the core issue is not a single malicious operation, but rather a long-term imbalance in liquidity allocation. The PSM on the Yala mainnet holds only about 50,000 USD USDC, making it difficult to support any larger redemptions. Some liquidity pools that seem large are up to 90% YU itself, which is equivalent to “robbing Peter to pay Paul”, and cannot truly be taken to the market for liquidation. In contrast, the Solana chain has about 1 million USD USDC, which can maintain the price near 1 USD, and the liquidity gap between the two chains weakens the arbitrage mechanism, making it harder for YU holders to quickly push the depeg back to the peg point. Official communication breakdown. The Yala team has only responded to external doubts with “active investigation”, without revealing the identity of the borrower or the timeline for resolution. The community has questioned the project's slow governance and lack of decision transparency in discussion threads. Yala officials stated in the community channel: We are actively investigating and will propose a complete plan as soon as possible. We’re aware of the recent community concerns and are actively looking into them. More updates coming soon. — Yala (@yalaorg) November 16, 2025. However, vague statements cannot alleviate user anxiety, recalling the chain liquidation triggered by the previous USDX incident. Related reports: CFO of a software company misappropriated 35 million USD of customer funds to gamble on DeFi, resulting in total loss. Surviving in the bear market with a low-risk DeFi strategy. <Yala stablecoin $YU starts to depeg from 1 USD! Is it a repeat of the USDX explosion? Officials announce investigation, raising community doubts.> This article was first published in BlockTempo, the most influential blockchain news media.