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Yala: We have noted the community's concerns regarding the stablecoin YU and are actively investigating.
BlockBeats News, November 16th, the stablecoin protocol Yala stated that it has taken note of recent community concerns and is actively investigating, with more updates to come soon.
Yesterday, the DeFi community YAM posted that the Yala stablecoin YU has experienced a situation similar to USDX, where a suspicious address borrowed a large amount of USDC at a very high interest rate but has not repaid the debt. An address closely associated with Yala has been borrowing all available USDC and most YU funds from the Yala Frontier market on Euler, despite the high interest rates, without making any repayments. Currently, the market's fund utilization rate has reached 100%, meaning lenders are unable to withdraw any liquidity. The Euler team has also set the lending limit on the Yala market on Frontier to zero. YAM additionally stated that currently, YU on Solana still maintains a pegged exchange rate, with nearly a million USDC available in the liquidity pool for price peg withdrawals. This article serves more as a risk warning, and it is uncertain whether Yala is truly in distress.
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