Real USD (USDR), a stablecoin backed by real estate and cryptocurrency, experienced a significant drop in value, falling to $0.51 from its 1:1 peg to the US dollar. The depegging occurred due to a surge in redemptions that depleted liquid assets, such as Dai, from USDR’s Treasury reserves. This lack of liquidity left the stablecoin unable to defend its peg. TangibleDAO, the team behind USDR, assured users that the depegging was a temporary liquidity issue and that assets still exist to support redemptions. The project’s dashboard currently shows a backing ratio of 92.4%, or 75% excluding the native token TNGBL and the insurance fund. TangibleDAO plans to compensate users by discontinuing USDR, redeeming outstanding tokens, and utilizing protocol-owned liquidity and insurance funds. They also intend to introduce tradeable real estate asset tokens to aid in the wind-down process. USDR is currently trading at $0.53 on Polygon’s Pearl decentralized exchange.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | negative |
| Relevance Score | 1 |
| People | None |
| Companies | TangibleDAO |
| Currencies | Dai |
| Securities | None |
