More
    HomeAltcoinsReal Estate-Backed US Dollar Stablecoin Built on Polygon Loses 47% of Its...

    Real Estate-Backed US Dollar Stablecoin Built on Polygon Loses 47% of Its Value After Suffering Serious Depeg

    Published on

    DIGITAL MARKETING SERVICES

    spot_img
    Real Estate-Backed US Dollar Stablecoin Built on Polygon Loses 47% of Its Value After Suffering Serious Depeg

    A stablecoin built on layer-2 scaling solution Polygon (MATIC) and backed by real estate assets has lost nearly half of its value after depegging from the US dollar (USD).

    In a lengthy message on the social media platform X, Tangible, the decentralized autonomous organization (DAO) behind Real USD (USDR), says that the crypto asset has suffered a setback but lays out a plan of action to help afflicted investors.

    According to Tangible, the depegging occurred after its treasury was drained of Dai (DAI), a stablecoin that was part of its reserves.

    As we’ve all seen, USDR has suffered a serious depeg. Over a short period of time, all of the liquid DAI from the treasury was redeemed. This led to an accelerated drawdown in the market cap. Combined with the lack of DAI for redemptions, and liquidation timeline on real estate, panic selling ensued, causing a depeg.”

    However, Tangible says that it has plans to eventually put USDR – which fell to a low of around $0.52 after its depeg – on the backburner.

    “The [plan] we’ve established works at building deep liquidity and we’ll continue growing this ecosystem for tokenized RWAs (real-world assets). There is clear demand for the efficient delivery of off-chain yield to on-chain users and we’ve become experts in this process.

    That said, Tangible’s future will not include Real USD. We’ll share a full post-mortem once we’ve had a chance to unpack the last 24 hours. USDR will be deprecated once the redemption process shared above is complete. We tried something novel with Real USD, but there were too many attack vectors in the design.

    Elements put in place to protect the customer were too easily manipulated to attack the protocol. We can protect our users at the current size, but as we continued scaling, it may have become impossible.”

    Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

    Check Price Action

    Follow us on Twitter, Facebook and Telegram

    Surf The Daily Hodl Mix

    Check Latest News Headlines

    &nbsp

    Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

    Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia

    The post Real Estate-Backed US Dollar Stablecoin Built on Polygon Loses 47% of Its Value After Suffering Serious Depeg appeared first on The Daily Hodl.

    COMMUNITY

    spot_img

    SITE VISITS

    Map

    Latest articles

    Breaking Down The 2024 Bitcoin Halving: Implications and Predictions for Bitcoin Miners

    Breaking Down The 2024 Bitcoin Halving: Implications and Predictions for Bitcoin Miners The Bitcoin halving...

    Hong Kong Bitcoin ETFs to Trade by April 30th: Reports

    Hong Kong Bitcoin ETFs to Trade by April 30th: Reports Hong Kong's highly anticipated spot bitcoin...

    Rights, Reason, Revolution: In DC at the Bitcoin Policy Summit

    Rights, Reason, Revolution: In DC at the Bitcoin Policy Summit In the whirlwind of April...

    Dylan LeClair: Bitcoin Bull Market Dip or Cycle Regime Shift?

    Dylan LeClair: Bitcoin Bull Market Dip or Cycle Regime Shift? This article is written in...

    More like this

    Breaking Down The 2024 Bitcoin Halving: Implications and Predictions for Bitcoin Miners

    Breaking Down The 2024 Bitcoin Halving: Implications and Predictions for Bitcoin Miners The Bitcoin halving...

    Hong Kong Bitcoin ETFs to Trade by April 30th: Reports

    Hong Kong Bitcoin ETFs to Trade by April 30th: Reports Hong Kong's highly anticipated spot bitcoin...

    Rights, Reason, Revolution: In DC at the Bitcoin Policy Summit

    Rights, Reason, Revolution: In DC at the Bitcoin Policy Summit In the whirlwind of April...
     - 
    Arabic
     - 
    ar
    Bengali
     - 
    bn
    German
     - 
    de
    English
     - 
    en
    French
     - 
    fr
    Hindi
     - 
    hi
    Indonesian
     - 
    id
    Portuguese
     - 
    pt
    Russian
     - 
    ru
    Spanish
     - 
    es