USDR stablecoin depegs to $0.53, but team vows to provide solutions

In an Oct. 11 tweet, Tangible explained that over a brief duration of time, all of the liquid DAI from the USDR treasury was redeemed, leading to an accelerated drawdown in the market cap, adding:”Combined with the absence of DAI for redemptions, panic selling occurred, causing a depeg. USDR overall backing vs. market cap. Source: Tangible.14.74% of USDRs security consists of Tangible (TNGBL) tokens, which are part of the coins native community.

Genuine estate-backed stablecoin USDR lost its peg to the U.S. dollar after a rush of redemptions caused a draining of liquid properties such as Dai (DAI) from its treasury, its job team has exposed. USDR– backed by a mix of cryptocurrencies and real-estate holdings– is provided by Tangible protocol, a decentralized finance task that looks for to tokenize real estate and other real-world assets.USDR is mainly traded on the Pearl decentralized exchange (DEX), which operates on Polygon. An update on $USDROver a brief time period, all of the liquid $DAI from the $USDR treasury was redeemed.This result in an accelerated drawdown in the market cap.Combined with the lack of DAI for redemptions, panic offering ensued, causing a depeg.Were dealing with …– Tangible (@tangibleDAO) October 11, 2023

In an Oct. 11 tweet, Tangible discussed that over a brief duration of time, all of the liquid DAI from the USDR treasury was redeemed, leading to a sped up drawdown in the market cap, including:”Combined with the absence of DAI for redemptions, panic offering taken place, triggering a depeg. Source: Tangible.14.74% of USDRs collateral consists of Tangible (TNGBL) tokens, which are part of the coins native community.

An upgrade on $USDROver a short period of time, all of the liquid $DAI from the $USDR treasury was redeemed.This lead to an accelerated drawdown in the market cap.Combined with the lack of DAI for redemptions, panic offering occurred, causing a depeg.Were working on …– Tangible (@tangibleDAO) October 11, 2023