Tangible will fulfill the redemption of USDR stablecoin, holders can receive 90% of DAI and 10% of governance tokens
Cointime2024/02/22 00:20
The USDR stablecoin, backed by Tangible's real estate, has lost its peg to the dollar. However, CEO Jag Singh stated that holders should be able to pay 90 cents in DAI and 10 cents in Tangible's governance token. In October last year, the real estate-backed stablecoin USDR collapsed, threatening millions of dollars in losses for holders.
However, asset issuer Tangible did not abandon the unpegged stablecoin. Instead, Tangible is nearing redemption of the stablecoin which will allow holders to receive 90 cents in DAI and the final 10 cents in their own governance token. Last October, USDR's promise was to provide value through its UK real estate holdings for additional returns for holders. Holders who want out can also exchange their USDR for DAI stablecoins - another component it supports. However, a rush on DAI holdings of USDR caused a shortage of liquidity during redemption.
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