A stablecoin holder on the Polygon network suffered a significant loss of over $100,000 after panic selling their USDR tokens, which depegged from the US dollar on October 11. The holder swapped 131,350 USDR for zero USDC, allowing a MEV bot to profit $107,000. The USDR stablecoin is issued by Tangible protocol, a decentralized finance (DeFi) platform that tokenizes real-world assets. Unfortunately, due to the immutable nature of the Polygon network, the holder cannot reverse the transaction or recover the funds. The community response to this mistake has been muted, as it was an error on the swapper’s side rather than a hack. USDR is a stablecoin backed by a combination of crypto assets and real estate, and it lost its peg after a wave of redemptions depleted the project’s treasury. Despite the depegging, Tangible protocol is working on a recovery plan to make holders whole, emphasizing that the assets backing USDR still exist and will be used for redemptions. The extent of the depegging and its impact on USDR holders is yet to be fully quantified, but there are over 2,400 USDR holders controlling a total of 45.5 million tokens.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Global
Countries
Sentiment	neutral
Relevance Score	1
People	None
Companies	TradingView, Polygon network, Tangible protocol, Canva
Currencies	Real USD, USDC, Dai
Securities	None