Polygon-based stablecoin, Real USD (USDR), has experienced a sudden and substantial de-peg, dropping to $0.533546 from its original $1 value. Market data from CoinGecko indicates a 29.40% loss in the last 24 hours and a significant 46.94% decrease over the past seven days.
The Tangible protocol, responsible for USDR, confirmed the de-peg in a recent tweet, attributing it to a rapid redemption surge that depleted liquid assets, including DAI, from the USDR treasury.
In the statement, Tangible expressed, “Over a short period of time, all liquid DAI from the USDR treasury was redeemed, leading to an accelerated drawdown in the market cap. The lack of DAI for redemptions triggered panic selling, resulting in the de-peg.”
Facing nearly a 50% decline in USDR’s value, the project team reassured the community, pledging swift solutions to address the issue. They identify the problem as a temporary liquidity challenge, vowing to implement measures to restore stability.
Stay tuned for updates as Tangible navigates the challenges posed by the unexpected de-peg, reaffirming its commitment to the community and the resilience of the project.
