Real USD (USDR), a stablecoin backed by real estate, experienced a significant drop in value to almost $0.51 in just a few hours after its DAI treasury was emptied. Tangible DAO, the entity behind USDR, revealed that the treasury currently holds no DAI and only has a $6.2 million insurance fund for a circulating supply of 45 million USDR. The treasury is also supported by the token TNGBL, but its 24-hour trading volume is less than $300,000, making it difficult to liquidate large amounts. Traders are selling USDR for pennies on the dollar in USDC trading pairs, according to data from a Polygon block explorer.
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Real Estate-Backed Stablecoin USDR Plummets to $0.51 After DAI Treasury Drain
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