Resolv’s USR stablecoin lost its dollar peg after what onchain analysts called an apparent smart-contract exploit that let an attacker mint roughly $80 million in USR and sell tokens across decentralized exchanges. Analysts Ai Yi (@ai_9684xtpa) and security firm PeckShield flagged the activity; PeckShield identified two large minting transactions of about $50 million and $30 million.
USR briefly plunged to roughly $0.20 before recovering to about $0.80, according to CoinGecko. In response, Resolv Labs—the protocol’s core developer—paused protocol operations, saying the exploit allowed the attacker to mint 50 million unbacked USR. The team said protocol functions were halted to prevent further malicious activity and that it is investigating the breach and taking containment measures while working on recovery.
USR is a fully on-chain, 1:1 dollar-pegged stablecoin designed to stay backed by over-collateralized crypto assets (ETH, staked ETH, Bitcoin) rather than fiat reserves. The protocol’s governance and value-capture token, RESOLV, fell about 6% to $0.054 after the incident.
Resolv Labs has not yet released a full remediation plan or timeline. Users and onchain watchers are monitoring contract activity and exchange flows for further developments. This article was edited by Vivian Nguyen.