The stablecoin DAI reserves in the USDR treasury are completely exhausted, and illiquid assets dominate

Odaily news official website data shows that in the early morning of the 11th, there were still 11.87 million DAI reserves in the Tangible stablecoin USDR treasury; in the past 24 hours, users redeemed tens of millions of USDR and exchanged them for more liquid assets such as DAI and TNGBL. The sell-off caused the price of TNGBL to halve, temporarily trading at 3.3 USDT. Eventually, some reserve assets shrank, and USDR once detached to US$0.5. Currently, the circulating supply of USDR is 45.21 million, and the reserve fund is mainly composed of non-current assets and low-liquidity assets, namely: real estate (USD 3,581, accounting for 61.2%), TNGBL (USD 10.26 million, accounting for 17.5%) ), PEARL Liquid LP (USD 8.49 million, accounting for 14.5%) and insurance funds (USD 6.26 million, accounting for 10.7%). It is understood that USDR is a stable currency backed by physical real estate and anchored to the US dollar issued by Tangible. Its white paper shows that USDR can be converted into DAI at 1:1 at any time. USDR will issue tokens through over-collateralized real estate and distribute the proceeds to holders to offset the depreciation of its linked currency and achieve tokenization of real estate.