{"id":154321,"date":"2023-10-12T05:48:59","date_gmt":"2023-10-12T05:48:59","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=154321"},"modified":"2023-10-12T10:39:04","modified_gmt":"2023-10-12T10:39:04","slug":"tangibles-usdr-stablecoin-drops-50-percent","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/tangibles-usdr-stablecoin-drops-50-percent\/","title":{"rendered":"USDR Stablecoin Drops 50%; Team Announces Action Plan"},"content":{"rendered":"
The Polygon-based USDR stablecoin, which is typically pegged to the US dollar, lost nearly 50% of its value, falling<\/a> to $0.52.<\/strong> This significant loss of value has raised concerns and prompted the USDR team to announce a comprehensive action plan to address the situation.<\/p>\n An update on $USDR<\/a><\/p>\n Over a short period of time, all of the liquid $DAI<\/a> from the $USDR<\/a> treasury was redeemed.<\/p>\n This lead to an accelerated drawdown in the market cap.<\/p>\n Combined with the lack of DAI for redemptions, panic selling ensued, causing a depeg.<\/p>\n We\u2019re working on\u2026<\/p>\n — Tangible \ud83c\udfe0\ud83d\udc99 (@tangibleDAO) October 11, 2023<\/a><\/p><\/blockquote>\nReasons Behind the Depegging<\/h2>\n
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