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The USR stablecoin has lost its peg to the dollar and has nearly dropped to zero., 2026/03/22 11:38:38
The USR stablecoin from the cryptocurrency project Resolv Labs lost its dollar peg and nearly devalued overnight on Sunday, March 22. This occurred after an attacker exploited a vulnerability in the token’s smart contract, resulting in the creation of millions of new coins, as reported by the issuer.
The project has suspended all protocol functions and is currently working on restoring the system, according to a statement from Resolv Labs.
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An unidentified hacker issued unsecured USR tokens worth $50 million, spending only $100,000, as reported by the blockchain researcher known as yieldsandmore. Cybersecurity experts from PeckShield indicated that the hacker additionally released another 30 million USR tokens and then manipulated the oracle, taking advantage of a compromise in the external signing module or the lack of verification between the request amount and the operation execution. Due to these actions, the token issuance function in the USR contract was disrupted, as suggested by analysts from the crypto fund D2 Finance.
According to the fund, the attacker transferred the 50 million issued tokens to several crypto protocols, exchanged them for USDC and USDT stablecoins, and then converted them to Ether. Overall, the hacker profited approximately $25 million from the attack. The speed of the transactions was so rapid that the platform could not respond in time, analysts noted.
Immediately following the attack, due to a sharp decline in liquidity and an increase in slippage, the USR price plummeted to 50 cents on most exchanges. The most significant drop occurred in the USR/USDC pool on the Curve Finance platform, which is the most liquid, with a daily trading volume of $3.6 million. There, the token price fell to a record low of 2.5 cents. The bottom was reached just 17 minutes after the hacker issued the initial 50 million tokens.
Subsequently, the pool partially recovered, and the price rose to 84.5 cents. However, the token began to decline in value again. According to CoinGecko, on Sunday, March 22, USR is trading at 14 cents—86% lower than its target peg of $1.
At the end of February, the USD1 stablecoin, issued by the cryptocurrency lending platform World Liberty Financial, owned by the family of former U.S. President Donald Trump, lost its dollar peg for half an hour, dropping to $0.994. This incident was also attributed to a hacking attack.
