MIM (Magic Internet Money) is Abracadabra.money's US-dollar stablecoin, minted against interest-bearing collateral through the protocol's Cauldron lending markets.
Key Data
| Backing | Overcollateralized by interest-bearing tokens and other crypto collateral in isolated Cauldron markets. |
| Redemption | No fiat redemption; borrowers repay MIM to reclaim collateral, and below-peg trading incentivizes repayment arbitrage. |
| Peg Currency | USD |
| Launched | 2021 |
Supported Networks
Cross-Chain Supply ($2M total)
Depeg History
| Date | Low Price | Duration | Cause |
|---|---|---|---|
| 2024-01-30 | $0.9400 | — | Smart-contract exploit affecting Abracadabra lending markets |
| 2026-06-24 | $0.5000 | — | Liquidity-driven depeg; protocol raised Cauldron rates to encourage debt repayment |
Mint / Burn Mechanism
Minted by borrowing against collateral in a Cauldron; burned on repayment.
Use Cases
Overview
Magic Internet Money (MIM) is the US-dollar stablecoin of Abracadabra.money. It is created through collateralized borrowing rather than issued against fiat reserves.
How It Works
Users deposit interest-bearing tokens and other approved collateral into isolated lending markets, called Cauldrons, and mint MIM against them. When MIM trades below one dollar, borrowers are incentivized to repay debt at face value, contracting supply.
Reserve Backing
MIM is backed by the crypto collateral deposited across its Cauldrons, held on-chain; there is no fiat reserve attestation.
Supported Networks
MIM is deployed across Ethereum and many additional networks under an omnichain model.
Recent Activity
- 2026-06-24DepegLiquidity-driven depeg; protocol raised Cauldron rates to encourage debt repayment
- 2024-01-30DepegSmart-contract exploit affecting Abracadabra lending markets
Other USD Stablecoins
Profile compiled from issuer disclosures, regulatory filings, press releases, and financial media. Market and on-chain data sourced directly or via third-party providers. See methodology.