Real estate-backed stablecoin USDR has lost its peg to the U.S. dollar due to a surge in redemptions that depleted its liquid assets, including Dai from its treasury. USDR is issued by Tangible protocol, a decentralized finance project that aims to tokenize real-world assets. The coin is primarily traded on the Pearl decentralized exchange, which operates on the Polygon network. The sudden redemption of all liquid Dai from the USDR treasury led to a significant decrease in its market cap, causing panic selling and resulting in the depegging of the stablecoin. Despite the loss in value, the project team assures users that the real estate and digital assets backing USDR still exist and will be used to support redemptions. The team is working on finding solutions to address the liquidity issue. The stablecoin’s collateral consists of Tangible tokens and real-world housing, along with an insurance fund. Stablecoins, which are designed to maintain a value of $1, can sometimes lose their peg during extreme market conditions.

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Information	Details
Geography	Global
Countries
Sentiment	neutral
Relevance Score	0
People	None
Companies	Circle’s USDC, Pearl decentralized exchange (DEX), Tangible protocol, Terra’s UST, Tangible (TNGBL)
Currencies	Dai
Securities	None