Real USD (USDR) stablecoin depegs and price crashes by 50%

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By BitcoinWiki News

Key Takeaways:

– Real USD (USDR), a stablecoin largely backed by real estate assets, has depegged and its price has plummeted by 50%.
– USDR, issued by TangibleDAO, had a market cap of about $45 million before its price began spiraling.
– The stablecoin was designed to be backed by real estate assets and yield 8-15% per year.
– Stablecoins are digital currencies pegged to traditional assets, such as fiat currency, to increase reliability.
– The depegging may be attributed to a rush of redemptions, leading to the erosion of collateral assets, including DAI and illiquid assets like real estate.
– The stablecoin is now undercollateralized but has a collateralization ratio of 102% if its native TNGBL token is included.
– The stablecoin’s own dashboard lists USDR as collateral for itself.
– This information is provided for informational purposes only and should not be taken as legal, tax, investment, financial, or other advice.

Real USD (USDR), a stablecoin backed by real estate assets, has depegged and its price has plummeted by 50%. TangibleDAO, the issuer of the stablecoin, claimed that it would yield 8-15% per year. The depegging occurred due to a rush of redemptions, causing the stablecoin’s collateral, consisting of illiquid assets such as real estate and liquid assets like DAI, to erode significantly. The stablecoin is now undercollateralized, except when considering the project’s native TNGBL token. The stablecoin’s own dashboard also reveals that some of its collateral is backed by USDR itself.

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