Neutrl paused minting, redemptions, and other protocol functions on January 23, citing circumstances affecting the protocol’s reserves. The synthetic dollar NUSD had a market capitalization of approximately $53.3 million. The protocol stated it acted on legal counsel advice to preserve an orderly process. The cause, affected assets or counterparties, and scale of the impact were not disclosed. Strata, which offers structured yield products backed by NUSD, subsequently suspended the same functions on its Neutrl market contracts.
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