- Tangible experienced a significant crisis as its native yield stablecoin, Real USD (USDR), suffered a sharp depegging.
- Panic selling of the stablecoin caused a 46.07% price drop in just 24 hours.
- Tangible announced that its future will not include Real USD (USDR).
Tangible, an ecosystem for tokenized real-world assets, suffered from the crash of its stablecoin, Real USD (USDR). The stablecoin is a native yield stablecoin backed by real estate, but Tangible shared that there has been “an accelerated drawdown in the market cap, combined with the lack of DAI for redemptions; panic selling ensued, causing a depeg.”
The price of USDR at the time of writing was $0.5238, according to CoinMarketCap, a 46.07% decrease in the last twenty-four hours. Tangible shared that this was a liquidity issue; the real estate and digital assets backing the stablecoin still exist, and they will be used to support redemptions.
Tangible shared how they are planning to redeem the USDR price but added that the “future will not include Real USD.” They 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.
Tangible detailed its action plan to solve this issue, in which it stated it would liquidate as much of the insurance fund as possible. Moreover, they claimed that USDR is currently 84% collateralized, USDR has been burned, and they have approximately $2.4 million remaining in protocol-owned stables such as DAI, USDC, and USDT.
The second step in the action plan was to launch baskets, which are pools of tokenized real estate. They added that baskets are “nearly ready for launch and will play a key role in the second step of the redemption process.”
Tangible shared that after deploying the baskets, USDR will be redeemable for a blend of stablecoins, basket tokens, and locked TNGBL 3,3+ NFTs. Tangible shared that a minimal gap in USDR collateralization from the baskets and the stablecoins is anticipated. They stated, “Any outstanding hole will be filled with TNGBL 3,3+ priced at market rate and locked for one year.”
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