On the weekend of June 20, 2026, a stablecoin called msUSD (Main Street USD) lost most of its value after the dashboard proving its reserves went dark. 

Its issuer, Main Street, said the token “remains fully backed” and called the outage a “reporting issue, not a solvency issue.” Accountable, the firm behind the dashboard, ended its work with the issuer and said it “did not retain an ongoing, source-level view” of the reserves.

That left holders with an issuer vouching for the reserves and a verifier saying it could not see them. Neither statement settled whether the money was there, and the market declined to wait for an answer.

Altura, a vault that peaked at $39 million, said it “never had any exposure to Mainstreet,” although it did share a verifier. Within a day, it paid out more than $8.5 million in redemptions and announced a wind-down.

That event was just another example of crypto’s reserve proofs breaking in public. An early, prominent case followed the collapse of FTX in November 2022, when other exchanges rushed to publish proof-of-reserves reports from accounting firms. Mazars, which produced them for Binance, KuCoin and Crypto.com, paused the work a month later, citing “concerns regarding the way these reports are understood by the public.  

A month later, it paused the work, citing “concerns regarding the way these reports are understood by the public.”

” The reports might also miss assets an exchange had borrowed to look well funded on the day of the check.

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