Thu, November 28

Real USD (USDR) Stablecoin De-Pegs; Plummets to $0.51

Real USD (USDR) Stablecoin De-Pegs; Plummets to $0.51 Altcoin News
  • The treasury has no DAI and the only liquid assets are an insurance fund.
  • The popularity of the token was boosted by its incorporation into Aerodrome Finance.

After its reserves of DAI were depleted, the value of the polygon-based stablecoin Real USD (USDR), which is backed by real estate holdings, plummeted to almost $0.51 within a few hours yesterday.

On-chain data revealed by USDR’s creator, Tangible DAO, shows that the treasury has no DAI and that the only liquid assets are an insurance fund worth around $6.2 million on a circulating supply of 45 million USDR, or about $45 million at the current peg rate.

Rapid Fall

Even as of today, the Real USD (USDR) stablecoin, which was partly backed by hundreds of real estate items in the UK, no longer has a 1:1 peg to the U.S. dollar. Both USDR and its “balance” token TNGBL lost more than half their value in less than three hours.

Source: CoinMarketCap

The stablecoin, issued by TangibleDAO, was backed by a collection of assets, including Dai (DAI) stablecoins, cryptocurrencies, and more than 250 pieces of UK real estate. Also, some DeFi customers may have noticed that all Dai (DAI) collateral was withdrawn today; the website now claims that homes are liable for 60% of USDR collateral.

Users of USDR began a mass asset exchange because of the illiquid nature of the balance portfolio. Thus, the value of USDR on Polygon’s DeFi Pearl platform fell to $0.51.

Moreover, the popularity of the token was boosted by its incorporation into Aerodrome Finance, a yield farming protocol built on the cutting-edge L2 platform Base. Over 60% of the incentives on the Tangible website are being distributed in TNGBL tokens, and the platform continues to deliver a return of over 15% on USDR.

Highlighted Crypto News Today:

Bitcoin Continues to Fall Amidst Geopolitical Tensions What’s Next?

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.