Posted 10/11/2023, 10:04:51 PM
Real Estate-Backed Stablecoin USDR Loses Peg, Falls 50% After Reserves Drop
- Stablecoin USDR lost its peg to the dollar, falling 50% to $0.50 on Wednesday morning
- USDR is a "rebasing" stablecoin backed by tokenized real estate, promising yield from rental revenue
- Tangible, issuer of USDR, says it still holds $49M reserves but this is down from $80M+ on Tuesday
- Tangible plans to liquidate real estate to replenish reserves and "make users whole"
- U.S. legislation passed in July requires stablecoins be backed by cash, cash equivalents and Treasury bills
