Posted 2/21/2024, 4:53:00 PM
Tangible's USDR Stablecoin Loses $1 Peg; CEO Proposes 90% Redemptions in DAI Alongside New NFT Baskets Representing Real Estate Backing
- USDR stablecoin lost its $1 peg due to a run that left it short on liquidity from its real estate backing
- CEO Jag Singh says USDR holders should get 90 cents on the dollar in DAI and 10 cents in Tangible's governance token
- Tangible is introducing "baskets" of NFTs representing rights to the real estate that backs USDR
- Investors could burn basket NFTs to take direct ownership of the properties
- The new basket product will allow Tangible to honor USDR redemptions without needing to sell illiquid real estate assets