Abracadabra Proposes Winding Down MIM at Four Cents on the Dollar

A stablecoin recovering a few cents on the dollar is a reminder that 'backing' is only as good as the collateral behind it, and here the gap between recoverable assets and bad debt is the whole story. The affected group is MIM holders, who are being asked to accept a pro-rata payout rather than any restoration of the peg. What matters next is whether the Snapshot vote passes and whether the proposed ether swap is actually executable — until then, the four-cent figure is a proposal, not an outcome.