The stablecoin USDR, which is backed by real estate and cryptocurrencies, lost its peg to the US dollar due to a rush of redemptions that drained liquid assets such as Dai from its treasury. The coin is mostly traded on the Pearl decentralized exchange (DEX) on Polygon. Despite losing nearly 50% of its value, the project team has vowed to provide solutions to the problem, stating that it was merely a liquidity issue that has temporarily challenged redemptions. Stablecoins are intended to always be worth $1 on the open market, but they sometimes lose their peg under extreme market conditions.
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Real Estate-Backed Stablecoin USDR Loses Peg to US Dollar Due to Rush of Redemptions
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