Real USD (USDR), a stablecoin backed by tokenized real estate, has lost its peg. The asset’s price fell by 50%.
Before the event, the TangibleDAO-issued coin had a market capitalization of about $45 million, and the price had held at the target peg. However on Wednesday, October 11, USDR suddenly traded at roughly half its value.
According to information on the project’s site, Real USD is positioned as “a new form of money backed by real estate,” capable of yielding 8-15% annually.
Data from the analytical dashboard on Dune suggests that USDR sharply lost its peg due to a wave of redemptions of the asset.
The stablecoin was backed primarily by illiquid assets such as real estate and, to a lesser extent, «stablecoin» DAI.
$USDR growth flat week/week and 2 new properties added to the treasury.
We keep building ?️ pic.twitter.com/r8quXxgrbB
— Tangible ?? (@tangibleDAO) October 10, 2023
In March, the second-largest stablecoin USDC lost its peg to the dollar amid the collapse of Silicon Valley Bank, where part of the coin’s collateral was stored. In September, Kaiko highlighted a small but persistent deviation in USDT’s price from the US dollar.