Cryptocurrency experts name stablecoin that has fallen by 50%

Real USD (USDR), a stablecoin backed by tokenized real estate, lost its peg. As a result, the price of the asset fell by 50%.

The capitalization of the coin issued by TangibleDAO was about $ 45 million, and the exchange rate was kept at the target level. However, on Wednesday, October 11, USDR suddenly fell by about half, according to the analytical tracker CoinGecko.

According to the project’s website, Real USD is positioned as a «new form of money backed by real estate» capable of yielding 8−15% per annum.

Data from the analytical dashboard on the Dune platform suggests that USDR has sharply lost its peg due to a wave of asset redemptions.

The stablecoin was mostly backed by illiquid assets such as real estate, as well as the «stable coin» DAI.

This year, in March, the second largest stablecoin by capitalization, USDC, lost its peg to the dollar amid the collapse of Silicon Valley Bank, where part of the coin’s collateral was stored. And in September, Kaiko analysts drew attention to a slight but steady deviation of the USDT exchange rate from the US dollar.