Wrapped USDR

Stablecoin

<ul><li>USDR stablecoin drops 46%, trading below $1 peg.</li><li>UST’s catastrophic collapse in 2022 due to trade price manipulation.</li><li>South Korean blockchain firm Terraform Labs embroiled in crypto fraud.</li></ul>USDR, a newly launched <a href="https://cryptosnewss.com/stablecoin-market-plunges-to-18-month-low-whats-next-for-cryptos-safest-bet/" rel="noopener noreferrer nofollow">stablecoin</a> by Tangible Dao, is currently trading at a value that is less than 42% of its intended $1 peg.The USDR stablecoin, which debuted this year, stands out for its unique approach to backing. Unlike other major stablecoin providers, the reserve funds supporting USDR are invested in tangible real estate assets rather than conventional options like government bonds, cryptocurrencies, bank holdings, or lending.On October 11, 2023, USDR suffered a dramatic crash, plummeting by 49% and trading at just $0.51, a far cry from its initial $1 value. Presently, the stablecoin is being exchanged at $0.59, representing a 42% decline from its designated pegged value.In response to this crisis, <a href="https://www.tangible.store/realusd?action&#61;Stats" rel="noopener noreferrer nofollow">Tangible</a> Dao announced that their treasury currently holds no DAI, and their only available liquid assets amount to a meager $6.2 million, which is intended as an insurance fund for a circulating supply of 45 million USDR-far short of the $45 million required to restore the stablecoin’s value to $1. The company faces significant challenges in achieving this goal due to its lack of available liquid assets.____________________________________________________________Stay connected with us on <a href="https://news.google.com/publications/CAAqBwgKMLrrowwwzOOyBA" rel="noopener noreferrer nofollow">Google News</a>, , <a href="https://twitter.com/NewssCryptos" rel="noopener noreferrer nofollow">Twitter</a>, and to stay updated on the latest developments and engaging discussions in the realm of Crypto News.Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.Originally published at <a href="https://cryptosnewss.com/crypto-turmoil-polygon-based-usdr-stablecoin-crashes-by-46/" rel="noopener noreferrer nofollow">https://cryptosnewss.com</a> on October 12, 2023.

Crypto Turmoil: Polygon-Based USDR Stablecoin Crashes by 46%

Cryptos Newss

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