GM 👋
SBF trial is revealing so many shocking (and funny) stories. Here are our favorites:
Real USD (USDR), the Polygon-based stablecoin backed by real estate, saw a staggering fall of almost 50% in its value on Wednesday to a price of $
What Triggered the Drop?
The core team, Tangible DAO, announced that there was a swift withdrawal of all the liquid DAI from the treasury.
This sudden dip in the market cap, paired with a scarcity of DAI for redemptions, resulted in a hasty selling spree, causing the stablecoin to depeg.
Classic bull run scare!
While many investors are nervous, Tangible DAO assures it's a liquidity glitch.
They say that the real estate and digital assets that back USDR remain intact and will be used for future redemptions.
Reminds me of the famous tweet by SBF before the FTX collapse - “FTX is fine. All assets are fine.“
That’s why I have trust issues now!
Back to the story!
On-chain data from the team shows that there is no DAI left in the treasury, and the price of USDR sits at $0.53.
Many traders have reportedly been exchanging vast amounts of USDR for USDC at much lower than its value, as per data from Polyscan.
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