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- The treasury currently holds no DAI, with the only liquid asset being an insurance fund.
- The token’s popularity increased due to its integration with Aerodrome Finance.
Following the depletion of its DAI reserves, the value of the polygon-based stablecoin Real USD (USDR), which is supported by real estate assets, dropped to nearly $0.51 within a few hours yesterday.
On-chain information provided by USDR’s creator, Tangible DAO, indicates that the treasury lacks DAI and that the sole liquid asset is an insurance fund valued at approximately $6.2 million against a circulating supply of 45 million USDR, equating to about $45 million at the current peg rate.
Rapid Decline
As of today, the Real USD (USDR) stablecoin, which was partially backed by numerous real estate properties in the UK, has lost its 1:1 peg to the U.S. dollar. Both USDR and its associated “balance” token TNGBL experienced a decline of over 50% in value in under three hours.
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Source: CoinMarketCap
The stablecoin, issued by TangibleDAO, was supported by a variety of assets, including Dai (DAI) stablecoins, cryptocurrencies, and more than 250 UK real estate properties. Additionally, some DeFi users may have observed that all Dai (DAI) collateral was withdrawn today; the website now states that homes account for 60% of USDR collateral.
Due to the illiquid nature of the balance portfolio, USDR users initiated a large-scale asset exchange, resulting in the value of USDR on Polygon’s DeFi Pearl platform dropping to $0.51.
Furthermore, the token’s popularity was enhanced by its integration with Aerodrome Finance, a yield farming protocol built on the advanced L2 platform Base. Over 60% of the incentives on the Tangible website are distributed in TNGBL tokens, and the platform continues to offer returns exceeding 15% on USDR.
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