USDR, a dollar-pegged stablecoin issued by Tangible, a real-world assets protocol on the Polygon network, has lost over half its value in the past four hours amid a rush of redemptions.
USDR is an overcollateralized dollar-pegged stablecoin backed primarily by a portfolio of rental properties in the UK. It appears that the protocol’s DAI reserves were exhausted due to the volume of redemptions.
According to the project’s website, USDR remains overcollateralized, but nearly 22% of the backing consists of the protocol’s native TNGBL token, which is also down over 50% today.
There is yet to be any official comment from the team or moderators in the project’s Discord server, which is full of understandably concerned users.
Tangible specializes in bringing real-world assets on-chain. Its marketplace offers goods like gold bullion, fine wines and luxury watches that can be purchased using USDR, the protocol’s native stablecoin. Each item is represented by a tangible NFT (TFNT) that can be traded or redeemed for the physical asset.
This is a developing story.
