Posted 10/12/2023, 10:01:52 PM
Real Estate Stablecoin USDR Plummets 47% After Losing Dollar Peg
- Real estate-backed stablecoin USDR built on Polygon loses 47% value after depegging from $1
- According to Tangible, treasury was drained of Dai leading to panic selling and accelerated drawdown
- Tangible plans to put USDR on backburner and focus on tokenized real world assets
- Tangible says design of USDR had too many attack vectors that were manipulated
- Tangible aims to protect users at current size but scaling could have made it impossible
