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.