Polygon-based stablecoin miMATIC (MAI) suffers severe depeg

The miMATIC (MAI) stablecoin on the Polygon network has experienced a significant depeg, trading at approximately $0.86 as of September 23, 2026, marking a 14% deviation from its $1 target. The decline is attributed to long-standing issues stemming from the Multichain bridge incident and associated bad debt, which have severely impacted liquidity and market confidence. Major DeFi protocols, including Aave, have already begun delisting the asset or adjusting risk parameters to mitigate systemic exposure. Analysts note that low liquidity is exacerbating price volatility, and the token's redemption and arbitrage mechanisms are currently failing to restore its peg.