Magic Internet Money
Stablecoin Profile
Magic Internet Money (MIM) is a crypto-collateralised stablecoin: users mint MIM by locking other crypto assets as over-collateral, with $30.4M currently in circulation across 14 blockchain networks. The USD peg is maintained through liquidation auctions when collateral value falls below required thresholds. Price feed sourced via defillama.
About Magic Internet Money (MIM)
Abracadabra.money is a lending platform that uses interest-bearing tokens as collateral to borrow a USD pegged stablecoin (Magic Internet Money - MIM), that can be used as any other traditional stablecoin.
Using Abracadabra.money, users mint MIM by depositing interest-bearing tokens as collateral into an Abracadabra cauldron. When the loan is repaid to retrieve the collateral, the paid back MIM is burned.
Issuer & attestation
Magic Internet Money (MIM) is issued by Abracadabra.money, operating under Decentralised protocol. Originally launched in 2021.
Reserve composition
Backed by interest-bearing crypto collateral (yvUSDC, yvDAI, sSPELL, and other Yearn vault tokens) via the Cauldron lending markets.
Issuer information is compiled from public disclosures, NYDFS / BMA regulatory filings, and primary-source attestation reports. Always verify directly with the issuer before making decisions.
Recent supply activity
Magic Internet Money (MIM) supply contracted by $5.9K (-0.02%) in the last 24 hours, contracted by $1.6M (-5.04%) over the past week, and contracted by $1.7M (-5.15%) over the past 30 days.
Supply contraction: net redemptions have driven circulating supply down 5.15% in the past month, signaling capital rotation or deleveraging.
Supply History
Network distribution
Magic Internet Money circulates across 14 blockchain networks. Ethereum hosts the largest share at 44.88%, followed by Arbitrum at 28.03%. Cross-chain distribution has remained broadly stable over the past 30 days.
| Chain | Supply | Share | 24h Δ | 30d Δ |
|---|---|---|---|---|
| Ethereum | $13.6M | 44.88% | -0.03% | -2.92% |
| Arbitrum | $8.5M | 28.03% | -0.01% | -10.50% |
| Avalanche | $3.2M | 10.64% | +0.00% | -2.84% |
| Kava | $1.7M | 5.56% | 0.00% | -4.88% |
| Fantom | $1.3M | 4.32% | 0.00% | -0.79% |
| Blast | $1.2M | 3.87% | 0.00% | -2.15% |
| Moonriver | $458K | 1.51% | 0.00% | -0.49% |
| Nibiru | $218.3K | 0.72% | 0.00% | -8.70% |
| BSC | $72.4K | 0.24% | 0.00% | +0.13% |
| OP Mainnet | $38.9K | 0.13% | 0.00% | -2.01% |
| Polygon | $20.7K | 0.07% | 0.00% | +0.11% |
| Base | $5.5K | 0.02% | 0.00% | +3.86% |
| Berachain | $3.3K | 0.01% | 0.00% | +3.59% |
| Linea | $2.3K | 0.01% | 0.00% | -0.66% |
Peg stability history
As a crypto-collateralised stablecoin, Magic Internet Money (MIM) maintains its 1.00 USD target by holding excess on-chain collateral and routing redemptions through automated liquidation auctions. Spot price is currently $0.9926 (-0.738%); short-term excursions of this magnitude are typically arbitraged away within hours via the protocol's open mint/redeem mechanics.
How crypto-collateralised stablecoins defend their peg
Crypto-collateralised stablecoins like this one over-collateralise positions — borrowers must lock more than $1.00 of crypto for each $1.00 of stablecoin minted. If collateral value falls below the required ratio, the position is automatically liquidated in an open Dutch auction. Arbitrageurs can always mint and redeem against the protocol's contracts, which keeps the secondary-market price tightly bounded around $1.00. The main residual risks are sudden crypto-collateral crashes that outpace the liquidation engine, and oracle failure.
Practical implications for holders
- Collateral volatility is the dominant risk: a fast drawdown in the collateral asset can outpace liquidation auctions and leave the protocol under-collateralised.
- Oracle risk: the protocol relies on price feeds (typically Chainlink or a multi-oracle setup). Oracle manipulation or delay during volatile markets has historically caused peg excursions.
- Governance risk: parameter changes (collateral types, liquidation ratios, debt ceilings) are decided by token-holder votes. Sudden governance attacks remain a tail risk.
- On-chain transparency is a major advantage — collateral is verifiable 24/7 without trusting an attestor.
- Mantapex tracks peg deviation in real time from DeFiLlama price feeds, but for high-value holdings cross-check directly on at least one independent venue (CoinGecko, the issuer's own dashboard, or an on-chain DEX).
Peg-stability commentary is based on the mechanism class (crypto-collateralised) and is provided for educational purposes only — it is not financial advice. Past peg stability is not a guarantee of future performance, and even the highest-quality stablecoins have historically traded outside their target band during banking, regulatory, or liquidity stress.
Contract addresses
Magic Internet Money (MIM) is deployed as a token contract on 1 blockchain network below. Always verify the contract address you're interacting with on the relevant block explorer before sending funds — phishing tokens reusing well-known stablecoin tickers are common, especially on newer chains.
| Chain | Contract address | Verify |
|---|---|---|
| Ethereum | 0x99d8a9c45b2eca8864373a26d1459e3dff1e17f3 | Explorer |
Contract addresses are sourced from DeFiLlama's stablecoin profile. Some chains (Tron, Solana, Aptos, Sui) use non-EVM address formats. The "Explorer" link opens the official block explorer for the given chain; we do not link out to third-party explorers that may show altered data.
Compare Magic Internet Money to other crypto-collateralised stablecoins
Below are the largest crypto-collateralised stablecoins tracked on Mantapex alongside Magic Internet Money (MIM). Comparing supply and chain footprint within the same mechanism class is more meaningful than cross-class comparison, because the underlying peg-defence assumptions are different.
| Stablecoin | Supply | Mechanism | Chains |
|---|---|---|---|
| Sky Dollar (USDS) | $8.4B | crypto-backed | 6 |
| Ethena USDe (USDe) | $5.9B | crypto-backed | 23 |
| Dai (DAI) | $4.6B | crypto-backed | 48 |
| Falcon USD (USDf) | $1.6B | crypto-backed | 2 |
| USDD (USDD) | $1.1B | crypto-backed | 4 |
Across mechanism classes
If you're researching MIM as part of a broader stablecoin allocation, it's worth comparing it across mechanism classes — each design has different counterparty, custody, and tail-risk profiles.
Peg Stability
Chain Distribution
Resources & data sources
Magic Internet Money (MIM) is tracked across major crypto data providers. The links below open Magic Internet Money (MIM)'s pages on CoinGecko, CoinMarketCap and DeFiLlama, so you can cross-check supply, market cap, exchange listings and historical price data directly at the source.
Price feed sourced from defillama. Supply, peg and chain-distribution data are aggregated from DeFiLlama's stablecoins dataset, which combines on-chain balances across supported networks. Numbers on this page typically refresh every 10 minutes.
Recent Magic Internet Money news
Latest reporting from major crypto news outlets covering Magic Internet Money.
- Cryptopolitan
MIM stablecoin drops to $0.87 as algorithmic dollar tokens keep losing their pegs
Abracadabra's MIM stablecoin took a major reputation and valuation hit today June 12 as it fell as low as $0.87 across multiple chains. The dollar-pegged token's slide adds to a…
- Crypto news
MIM hacker launders $7.5m worth of stolen funds through Tornado Cash
On-chain data reveals that the attacker behind the Magic Internet Money or MIM hack in March 2025 recently sent through $7.5m worth of stolen funds into crypto mixer platform…
- BeInCrypto
MANEKI Rallies 333%, Bitcoin Joke Token MIM Follows | Meme Coins To Watch Today
The crypto market is going nowhere at the moment, stabilizing instead of rallying or crashing. However, this is not stopping meme coins from noting extravagant rallies as…
- CryptoSlate
DeFi platform MIM Spell offers 20% bounty to hacker after $12.9 million ETH heist
Blockchain security firm Cyvers has reported a major security breach that affected DeFi platform Abracadabra's MIM_Spell platform. The attack led to the loss of 6,262 ETH,…
- CoinMarketCap
Abracadabra Finance Hit By Exploit, $6.4M Drained and MIM Stablecoin Depegs
DeFi protocol Abracadabra Finance fell victim to a significant security attack, resulting in the loss of over $6.4 million in crypto assets, according to Blocksec and Peckshield.
- Cointelegraph
Abracadabra's $6.49M loss leads to MIM stablecoin destabilization
Some Abracadabra Finance contracts were drained of $6.49m, causing its Magic Internet Money stablecoin to depeg.
- CryptoSlate
Abracadabra Finance's MIM stablecoin falls from peg after $6.5M hack
Digital assets associated with the decentralized finance (DeFi) project Abracadabra Finance, including its Magic Internet Money (MIM) stablecoin, values fell after its team…
- Crypto Briefing
Abracadabra Finance suffers $6.5 million exploit, MIM stablecoin crashes to $0.76
The threat actors behind the attack targeted a vulnerability in Abracadabra's lending and borrowing smart contracts.
Related stablecoins
Stablecoins comparable to Magic Internet Money by collateral mechanism, peg currency, or circulating supply — handy for spotting alternatives if a peg breaks or a regulator forces a delist.
Other crypto-backed stablecoins
Stablecoins pegged to USD
Risk Warning
Stablecoins carry risks including de-pegging, regulatory changes, and counterparty risk. Always diversify and do your own research.