The real estate-backed USDR stablecoin lost its peg on the 11th of October, falling to $0.53 per coin, after the USDR treasury was drained of all its liquid assets, leading to a run on the stablecoin.
The team explained that the de-pegging was only due to a liquidity issue and that the real estate holdings and other digital assets would be used to support redemptions.
USDR Depegs
According to an update from the team behind the project, the USDR depegged after a rush of redemptions led to the treasury being drained of liquid assets such as DAI. The USDR stablecoin is backed by a mixture of real estate holdings and other cryptocurrencies. It is issued by the Tangible Protocol, a decentralized finance (DeFi) project that aims to tokenize housing and other real-world assets. The stablecoin is primarily traded on the Pearl decentralized exchange (DEX), which runs on Polygon.
The team behind the stablecoin issued an update on the 11th of October, explaining how all the liquid DAI fro
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