USDR Loses Its Peg To The US Dollar
Real USD (USDR), a stablecoin backed by tokenized real estate, experienced a significant loss of its value, dropping to nearly $0.5 on Wednesday, breaking its peg to the United States Dollar (USD).
USDR no longer being connected to its peg can be directly attributed to a substantial redemption of its DAI reserve, which constituted up to half of the overall decline.
TangibleDAO, the issuer of USDR, reported that the liquid DAI reserve supporting the stablecoin was swiftly redeemed via its treasury. Given that DAI served as the primary backing, this sudden redemption resulted in the sharp decline. Additionally, a panic-induced sell-off occurred due to the absence of DAI redemptions.
Real USD (USDR) currently has a market capitalization of around $24 million and is accessible on various blockchain networks, including Polygon, Ethereum, Optimism, BNBChain, and Base, according to data by CoinMarketCap.
Going forward, TangibleDAO has unveiled plans to re-establish a dollar peg by leveraging protocol owned liquidity and the liquidation of insurance funds.
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