NUSD supply falls 76% from February level

NUSD supply has fallen by about 76% from the $226 million level documented in February to $53.6 million as issuer Neutrl has suspended redemptions while assessing an undisclosed issue affecting its reserves. Summary NUSD supply has fallen from about $226 million in February to $53.6 million. Neutrl has suspended NUSD minting and redemptions while assessing an undisclosed reserve issue. NUSD supply dropped 18.4% over the past 30 days, while transfer volume fell 72.4%. BA Labs previously flagged counterparty, operational and liquidity risks tied to Neutrl. Neutrl said Thursday that unspecified circumstances had affected protocol reserves, prompting it to pause NUSD minting and redemptions as well as other functions on legal advice. The protocol has not identified the affected asset or counterparty, disclosed whether the event caused a realized loss, or provided a timeline for restarting operations. Neutrl has temporarily paused minting, redemptions, and other protocol functions following circumstances affecting protocol reserves. These measures have been taken in the interest of our users, after advice from legal counsel, to preserve an orderly process while the impact is…— Neutrl (@...