Stablecoin

Pearl

Real USD

Tangible

<ul>
 <li>The treasury has no DAI and the only liquid assets are an insurance fund.</li>
 <li>The popularity of the token was boosted by its incorporation into Aerodrome Finance.</li>
</ul>
After its reserves of DAI were depleted, the value of the polygon-based stablecoin Real USD (USDR), which is backed by real estate holdings, plummeted to almost $0.51 within a few hours yesterday.
On-chain data revealed by USDR’s creator, Tangible DAO, shows that the treasury has no DAI and that the only liquid assets are an insurance fund worth around $6.2 million on a circulating supply of 45 million USDR, or about $45 million at the current peg rate.
<h3 class="wp-block-heading" id="h-rapid-fall">Rapid Fall</h3>
Even as of today, the Real USD (USDR) <a href="https://thenewscrypto.com/canada-issues-preliminary-guidelines-for-stablecoin-trading/" target="_blank" rel="noopener noreferrer nofollow">stablecoin</a>, which was partly backed by hundreds of real estate items in the UK, no longer has a 1:1 peg to the U.S. dollar. Both USDR and its “balance” token TNGBL lost more than half their value in less than three hours.
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img decoding="async" width="660" height="356" src="https://thenewscrypto.com/wp-content/uploads/2023/10/USDR_1D_graph_coinmarketcap.png" alt="" class="wp-image-83764" srcset="https://thenewscrypto.com/wp-content/uploads/2023/10/USDR_1D_graph_coinmarketcap.png 660w, https://thenewscrypto.com/wp-content/uploads/2023/10/USDR_1D_graph_coinmarketcap-300x162.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/10/USDR_1D_graph_coinmarketcap-150x81.png 150w" sizes="(max-width: 660px) 100vw, 660px">
 <figcaption class="wp-element-caption">
 Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>
 </figcaption>
 </figure>
</div>
The stablecoin, issued by <a href="https://twitter.com/tangibleDAO?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor" target="_blank" rel="noopener noreferrer nofollow">TangibleDAO</a>, was backed by a collection of assets, including Dai (DAI) stablecoins, cryptocurrencies, and more than 250 pieces of UK real estate. Also, some <a href="https://thenewscrypto.com/defi-lending-protocol-yield-protocol-announces-shutdown/" target="_blank" rel="noopener noreferrer nofollow">DeFi</a> customers may have noticed that all Dai (DAI) collateral was withdrawn today; the website now claims that homes are liable for 60% of USDR collateral.
Users of USDR began a mass asset exchange because of the illiquid nature of the balance portfolio. Thus, the value of USDR on Polygon’s DeFi Pearl platform fell to $0.51.
Moreover, the popularity of the token was boosted by its incorporation into Aerodrome Finance, a yield farming protocol built on the cutting-edge L2 platform Base. Over 60% of the incentives on the Tangible website are being distributed in TNGBL tokens, and the platform continues to deliver a return of over 15% on USDR.
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Real USD (USDR) Stablecoin De-Pegs; Plummets to $0.51

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