Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.
may take a turn for the better for affected investors. The issuer of failed real estate-backed stablecoin USDR plans to liquidate the token’s assets and hold a redemption.
Holders of USDR will be able to redeem their severely devalued stablecoins for a mix of cryptocurrency assets, some of which represent real estate in the U.K., according to anon the server. It's unclear how much value the redemption process – which could take months – will ultimately return for investors.this week after much of the asset’s DAI reserves got drained by investors fleeing the token, which is backed primarily by real estate holdings.
The real estate investments that represented 78% of USDR’s backing also generated yields as high as 16% for its investors, according to the project. This supposedly made the stablecoin more appealing than more common dollar-pegged assets, like Circle’s USDC. Tangible, which specializes in creating such RWAs, will abandon USDR once the redemption is complete according to Slatkin’s statement.
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