MIM (Magic Internet Money) is Abracadabra.money's US-dollar stablecoin, minted against interest-bearing collateral through the protocol's Cauldron lending markets.
| Symbol | MIM |
| Peg | USD |
| Backing | Crypto backed |
| Status | Active |
| Launched | 2021 |
| Networks | L1 EVM Ethereum, BNB Chain, Polygon, Fantom, Avalanche, Moonriver, Kava, Nibiru L2 Arbitrum, Optimism, Base, Blast, Linea |
| Specifications | 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. KYC required No |
| Use cases | DeFi collateral, Trading |
| Mint and redeem | Minted by borrowing against collateral in a Cauldron; burned on repayment. |
| Chain | Address |
|---|---|
| Ethereum | 0x99d8a9c45b2eca8864373a26d1459e3dff1e17f3 |
Magic Internet Money (MIM) is the US-dollar stablecoin of Abracadabra.money. It is created through collateralized borrowing rather than issued against fiat reserves.
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.
MIM is backed by the crypto collateral deposited across its Cauldrons, held on-chain; there is no fiat reserve attestation.
MIM is deployed across Ethereum and many additional networks under an omnichain model.
MIM (Magic Internet Money) is Abracadabra.money's US-dollar stablecoin, minted against interest-bearing collateral through the protocol's Cauldron lending markets.
Overcollateralized by interest-bearing tokens and other crypto collateral in isolated Cauldron markets.
MIM is recorded on 13 networks, including Ethereum, BNB Chain, Polygon, Fantom, Avalanche, Moonriver.
MIM has a market capitalization of $2M as of 11 October 2026.
The most recent recorded depeg for MIM occurred on 24 June 2026, when its price fell to $0.5.