Polygon’s Stablecoin USDR Loses Its Peg to $1
Real USD, a Polygon-based stablecoin largely backed by real estate objects in the United Kingdom, is now experiencing significant de-pegging.
When the team eliminated Dai (DAI) from its collateralization basket, the price of USDR plummeted. The value of USDR, a stablecoin backed by RWAs, falls below $0.5 On October 11, 2023, the Real USD (USDR) stablecoin, which was partially backed by hundreds of real estate assets in the United Kingdom, lost its peg to the US dollar.
Both the USDR and its “balance” token, TNGBL, lost more over 50% of their capitalization in under three hours. DexScreener contributed this image. The stablecoin was issued by TangibleDAO and was backed by a basket of Dai (DAI) stablecoins, cryptocurrencies, and over 250 real estate items in the United Kingdom.
Because this portion of the balance sheet is illiquid, USDR holders began swapping their assets in large numbers. As a result, the price of USDR on Polygon-based DeFi Pearl has reduced to $0.5.
(With inputs from Shikha Singh)
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