Real USD, a stablecoin largely backed by real estate assets, has depegged, causing its price to plummet by 50%.

Issued by TangibleDAO, the stablecoin listed as USDR, had a market cap of about $45 million before its price began spiraling on Wednesday. The asset was meant to be "a new type of money backed by real estate, that yields 8-15% per year," according to TangibleDAO's website.

Stablecoins are designed to be a form or digital currency with increased reliability as they are pegged to traditional assets like fiat currency. They can depeg when investors lose confidence in the underlying assets.

The price of USDR has crashed by 50%. Image: CoinGecko.

It appears USDR may have lost its peg due to a rush of redemptions, according to a Dune analytics dashboard. The stablecoin's collateral was largely made up of illiquid assets like real estate and liquid assets like DAI. It appears $11.8 million of DAI that was collateral for the stablecoin as of October 10 has been completely eroded during the redemptions — leaving largely illiquid assets in its wake.

There was a big increase in redemptions. Image: Dune Analytics dashboard.

The stablecoin is now undercollateralized if you exclude the project's native TNGBL token, according to its dashboard. If you include this token, it has a collateralization ratio of 102%.

The stablecoin's own dashboard also claims that some of the USDR is backed by, well, USDR. It lists 62,810 USDR as collateral for itself.

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