Posted 10/11/2023, 11:50:05 PM
USDR Stablecoin Briefly Loses Dollar Peg Amid Liquidity Issues and Investor Panic Selling
- USDR stablecoin lost peg, falling to $0.53 per coin on Oct 11 due to liquidity issues and panic selling
- Backed by real estate and digital assets, team says holdings still exist to support redemptions
- Flood of selling caused accelerated drawdown in market cap and lack of DAI for redemptions
- Developers vow to provide solutions, calling it a temporary liquidity issue
- Stablecoins sometimes lose peg under extreme conditions, but aim to always be worth $1
