Gate News message: On April 9, the quant yield protocol Axis announced the launch of a synthetic U.S. dollar USDx and completed its first minting, with a size of 10 million US dollars. It is currently in a private testing phase. After minting is completed, USDx will be deployed to Axis’s market-neutral arbitrage engine, covering more than 40 trading venues, to provide liquidity and capture opportunities from market price spreads.

The Gate Research Institute's report "Gate TradFi Macro Multi-Asset One-Stop Coverage" states that as trading demand shifts towards macro multi-assets, Gate TradFi utilizes MT5 to offer diversified traditional asset CFD trading, supporting a no-expiry, no-delivery trading model, and conveniently enables users to participate in trading within the USDT system through USDx.

OracleX announced that it will go live on December 1st, based on the Proof-of-Behavior mechanism, aimed at solving the current market's scarcity trading issues. Users participate in predictions by staking OEX to mint USDX, dynamically adjusting yields to promote active participation and information contribution.

Odaily News On-chain market data shows that the Yala stablecoin YU has significantly depegged, currently falling to 0.44 USD on the Ethereum Mainnet and to 0.368 USD on Solana. Previously, it was reported that the Yala stablecoin YU encountered suspicious lending situations similar to USDX over the weekend. Yala responded yesterday, stating that it has noted the community's concerns regarding the stablecoin YU and is conducting an investigation.

Odaily News The stablecoin protocol Yala stated that the team has noted the community's recent concerns regarding the stablecoin YU and is conducting an investigation into this matter, with updates to follow. Previous news: The Yala stablecoin YU has exhibited suspicious circumstances similar to USDX, with related addresses borrowing USDC at extremely high interest rates but failing to repay.

Odaily News The DeFi community YAM stated in a post on X that it has observed dangerous signals from the Yala stablecoin YU. An address closely related to Yala is fully borrowing USDC and most of the YU funds from the Yala Frontier market on Eulur. Despite the interest rates remaining high, there have been no repayment actions. Currently, the market's capital utilization rate has reached 100%, which means lenders cannot withdraw any liquidity. The Euler team has also set the borrowing limit for the Yala market on Frontier to zero. It is reported that the Yala team has not responded to either the Euler team or Discord community users. YAM added that currently YU is in

Stables Labs stated that due to market liquidity and liquidation dynamics, the USDX price deviates from its reference value. The team has initiated recovery plans to provide affected holders with a recovery pathway based on a reference value of $1, including on-chain snapshots and phased progress disclosures.

Gate News Bot Report: As of November 7th, according to CoinMarketCap data, USDX (Stables Labs (USDX)) is currently priced at $0.82. This represents a 17.57% decline over the past 24 hours. The highest price reached was $1.00, while the lowest dipped to $0.53. The 24-hour trading volume is approximately $399,600. Stables Labs is a next-generation stablecoin infrastructure provider focused on creating a decentralized, bankless stablecoin issuance ecosystem. By bridging the gap between DeFi, CeFi, and TradFi, Stables Labs aims to redefine financial stability and accessibility to yields. Its core is the Smart Stability System (SSS), which offers innovative stablecoin solutions with enhanced scalability.

BlockBeats reports that on November 7th, according to market data, USDX experienced a significant de-pegging and plummeted to $0.314 early this morning. It has since rebounded to $0.74 but remains in a de-pegged state.

After USDX depegged to $0.3887, a whale spent $800,000 USDT to buy an additional 933,241 USDX and submitted a redemption request. The expected profit is approximately $135,000, but the redemption has not been successfully completed yet.