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. |
| Depeg history | Date 2024-01-30 · Low price 0.94 · Cause Smart-contract exploit affecting Abracadabra lending marketsDate 2026-06-24 · Low price 0.5 · Cause Liquidity-driven depeg; protocol raised Cauldron rates to encourage debt repayment unverified |
| Chain | Address |
|---|---|
| Ethereum | 0x99d8a9c45b2eca8864373a26d1459e3dff1e17f3 |
## 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.