StablR’s EURR and USDR Stablecoins Lose Peg After $2.8 Million Hack

StablR's stablecoins EURR and USDR lost their peg after a $2.8 million hack.

The European issuer of stablecoins, StablR, has fallen victim to a hack resulting in the theft of at least $2.8 million. This was highlighted by Blockaid.

🚨Community Alert
Blockaid’s exploit detection system has identified an ongoing exploit on @StablREuro.

~$2.8M extracted so far.

Both tokens are depegged: 0x50753cfaf86c094925bf976f218d043f8791e408 (StablR Euro)
and
0x7b43e3875440b44613dc3bc08e7763e6da63c8f8 (StablR USD) on…

— Blockaid (@blockaid_) May 24, 2026

The attack on the smart contracts of the two coins — EURR and USDR — was also reported by the well-known on-chain investigator ZachXBT. According to his information, the perpetrator funded the operation through the cross-chain bridge CCTP on the Noble platform from the Cosmos ecosystem.  

Preliminary findings from Blockaid experts suggest the hacker compromised the private key of one of the multi-signature owners for minting coins. Due to a weak threshold (1 out of 3), the attacker needed only one account to gain full control over the system. Consequently, he:

• added himself as an owner and replaced two other legitimate participants;
• issued 8.35 million USDR and 4.5 million EURR.

The coins, with a nominal value of about $10.4 million, were exchanged on decentralized exchanges for 1115 ETH (~$2.8 million) due to low liquidity.

“This is not a bug in the smart contract — it is a failure in key management and governance,” concluded Blockaid specialists.

They, along with ZachXBT, noted that the StablR team did not respond to the attack for at least several hours.

As a result of the incident, the company’s stablecoins lost their peg to the underlying assets. At the time of writing, EURR is trading at $0.93 (-20% from nominal), while USDR is at $0.97 (-3%).

The euro-based coin’s market capitalization is $10.9 million, and the dollar asset’s supply is approaching $20.7 million.

In May, there have been at least a dozen attacks on crypto projects. Among the affected are TrustedVolumes, THORChain, Verus, Echo Protocol, and Polymarket.

Back in April, the industry set a record for the number of hacks — over 20 incidents in a month.