Real USD (USDR), a stablecoin backed by tokenized real estate, has lost its peg to dollar and fell to nearly $0.5 on Wednesday.
The depegging of USDR is a direct result of massive redeeming of its DAI reserve that accounted for up to 50% of total stablecoin’s downtrend.
According to the issuer of USDR – TangibleDAO, the liquid DAI reserve for the stablecoin is fully redeemed from the treasury in a short period of time.
As DAI reserve was the major backing, it prompted a sharp cut in the USDR market. Another factor which led to depegging is panic sell-off due to lack of DAI redemptions.
Real USD (USDR) has a current market cap of approximately $24 million across multiple chains including Polygon, Ethereum, Arbitrum, Optimism, BNBChain and Base, according to data from Coinmarketcap.
Following the depeg, TangibleDAO has announced plans to recover dollar-peg by using protocol owned liquidity and liquidating insurance funds.