miMATIC Stablecoin Hits New Low at $0.86 Amid Liquidity Crisis

Polygon's miMATIC stablecoin has fallen to $0.86, leaving it roughly 14% below its intended value of $1.

The decline in price is attributed to thin liquidity, which makes it difficult for the token to recover. Trading activity remains limited, resulting in sharp price moves from even small sell orders.

The weakness follows earlier damage caused by a Multichain bridge security incident and bad debt linked to the Fantom network, which weakened MAI's reserves and investor confidence.