usdr

According to official news, the Rayls public chain mainnet will go live on April 30, along with the launch of the staking program and the Rayls native USD stablecoin USDr, marking the official implementation of the $RLS token economics.After the mainnet activation, transaction fees (paid in USDr on the public chain, RLS can be used on the private chain) will be converted, accumulated, burned, and redistributed through an automated mechanism: 50% of the transaction fees will be permanently burned, creating deflationary pressure; 50% will be injected into the network security pool to reward validators. The total supply of Rayls token RLS is fixed at 10 billion, with most tokens locked until 2028 to ensure long-term incentives and stable development, with a TGE circulation ratio of less than 15%; the majority of shares held by investors and the team will have a 12-month cliff period followed by a 36-month unlocking period, and additionally, 10% of the tokens unlocked by the foundation each month will be burned, further accelerating deflation.

ChainCatcher news, according to official news, Bitfinex announced the launch of StablR USD (USDR) and StablR Euro (EURR), two fully collateralized stablecoins designed to meet the growing demand for liquidity and usability in the European digital asset ecosystem.

ChainCatcher news reports that a CoinDesk investigation has found undisclosed related-party transactions in the real estate crypto project Tangible. The company's CEO Jagpal Singh's brother, Joshvun Singh, purchased properties at a discounted price through his company and then resold them to Tangible at a markup of up to 21%. This practice has been deemed lacking in reasonable justification by UK real estate experts.In October 2023, Tangible's USDR stablecoin faced a run, leading to the depletion of liquidity reserves, causing the coin's price to plummet from $1 to $0.50. CoinDesk's analysis indicates that the undisclosed markup may have resulted in losses of at least £875,590 for USDR investors, with actual losses potentially being higher.Tangible has stated that it is "working hard" to compensate USDR investors but has refused to answer detailed questions. The company currently needs to liquidate nearly 200 properties in the UK, with a total value of approximately £27 million, to repay investors.

ChainCatcher news, Bitcoin L2 project rif announced that the stablecoin USDRIF has been upgraded to V2.0 and is now live on the mainnet.The upgrade aims to enhance usability, reduce costs, and increase accessibility in the Bitcoin L2 space and the broader Web3 market. This upgrade achieves these goals by improving user experience, lowering costs, and enhancing accessibility.

ChainCatcher message, represented by the stablecoin protocol Tangible backed by real-world assets, is still refining its workflow, with the goal of restoring the target collateralization ratio (CR) of USDR to 100%, and migrating customers from USDR to a solution that most users and the community consider a fair alternative in terms of value and experience.Previous news, Tangible stated on October 12 that all liquidity DAI in the USDR treasury had been redeemed, leading to a rapid shrinkage in market capitalization, coupled with a lack of DAI for redemptions, which resulted in panic selling and decoupling, causing the USDR price to drop to $0.566.

ChainCatcher news, the USDR issuer and RWA protocol TangibleDAO officially stated that the panic selling caused by the short-term redemption of DAI and the real estate liquidation timeline has led to a severe de-pegging of USDR. According to Coingecko data, on October 11, the real estate-backed, dollar-pegged stablecoin USDR (Real USD) has severely de-pegged, dropping to a low of $0.5, and the current USDR price has rebounded to $0.67.TangibleDAO also stated that to quickly restore the stablecoin price and user trust, a series of plans will be launched, including: the protocol-owned liquidity (POL) has been withdrawn from Pearl, USDR has been burned (the protocol cannot redeem it on its own), and as much as possible will be liquidated from the insurance fund. Existing liquid assets in the market and locked token positions will be sold. The remaining stablecoins from the POL and insurance fund sales will be provided to customers through the redemption process described below; a tokenized real estate pool will be launched, and after deployment, it will open for USDR redemption. TangibleDAO emphasized that once the above redemption process is completed, USDR will be deprecated.