The real estate-backed stablecoin Real USD (USDR) has lost its peg. The asset price fell by 50%.
Before the incident, the capitalization of the coin issued by TangibleDAO was about $45 million, and the rate was kept at the target level. However, on Wednesday, October 11, the USDR suddenly fell in price by about half.
According to information on the project’s website, Real USD is positioned as “a new form of money backed by real estate,” capable of yielding 8-15% per annum.
Data from the analytical dashboard on Dune suggests that the USDR has sharply lost its peg due to a wave of asset redemptions.
The stablecoin was backed mainly by illiquid assets such as real estate and, to a somewhat lesser extent, by the “stable coin” DAI.
$USDR growth flat week/week and 2 new properties added to the treasury.
We keep building 🏘️ pic.twitter.com/r8quXxgrbB
— Tangible 🏠💙 (@tangibleDAO) October 10, 2023
Let us recall that in March, the second largest “stable coin” by capitalization, USDC, lost its peg to the dollar amid the collapse of Silicon Valley Bank, where part of the coin’s collateral was kept.
In September, Kaiko analysts drew attention to a slight but steady deviation of the USDT exchange rate from the US dollar.
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