# Polygon’s miMATIC Stablecoin Falls to $0.86 as Liquidity Dries Up

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/23276
Published: 2026-09-23T12:42:07.000Z
Updated: 2026-09-23T12:42:07.000Z

miMATIC (MAI), a stablecoin on the Polygon network, has fallen to about $0.86, leaving it roughly 14% below its intended $1 value as thin liquidity makes the depeg harder to reverse.

MAI was trading near $0.85 in Aave V3’s Polygon market, while pools on Uniswap and Curve were also pricing the token around $0.85. Trading activity remains limited, meaning relatively small sell orders can produce sharp price moves.

The weakness follows earlier damage linked to the Multichain bridge security incident and bad debt connected to the Fantom network. Those events weakened MAI’s reserves and investor confidence.

QiDao, which issued the overcollateralized stablecoin, later pursued bad-debt cleanup and buyback-and-burn measures. Liquidity and confidence have not recovered enough to restore the $1 level.

Aave and other major decentralized finance protocols have gradually removed MAI or tightened related risk settings. The move reduces the token’s use across DeFi and leaves its redemption and arbitrage mechanisms under continued strain.