Stablecoin USDR, Backed by Real Estate, Loses $1 Peg

The Polygon-based token is issued by Tangible DAO, which has data showing treasury concerns.

Stablecoin Real USD (USDR) has depegged, meaning it no longer has a one-to-one correspondence to the U.S. dollar.

USDR, which is backed by illiquid real estate holdings, dropped to nearly $0.51 after the treasury ran out of its supplies of DAI tokens meant to help secure the peg.

The Polygon-based stablecoin comes from Tangible DAO, which published data showing that the treasury was emptied out

The only funds left in the treasury are a $6.2 million insurance fund. In comparison, USDR has a circulation of 45 million coins, which would amount to $45 million if there was a peg.

The treasury would also have the backing of native Tangible token, TNGBL, but that token is down 45% to $3.82 in the past 24 hours.

USDR currently sits at $0.611356, down nearly 39%, over the past 24 hours according to CoinGecko data.