Resolv’s USR stablecoin depegged after an apparent smart contract exploit on Sunday that enabled an attacker to mint roughly $80 million in USR and sell the tokens across decentralized exchanges, according to onchain analysts Ai Yi (@ai_9684xtpa) and PeckShield. PeckShield flagged large minting events totaling $50 million and $30 million in separate transactions.
USR tumbled as low as $0.20 before recovering to about $0.80, per CoinGecko. In response, Resolv Labs—the core developer of the Resolv Protocol—temporarily halted protocol operations while investigating and taking containment measures. In a statement, the team said the exploit allowed attackers to mint 50 million unbacked USR, that protocol functions had been paused to prevent further malicious actions, and that they are actively working on recovery.
USR is a 1:1 dollar-pegged stablecoin designed to operate fully on-chain and maintain its peg via over-collateralized crypto assets such as ETH, staked Ethereum, and Bitcoin rather than fiat reserves. The protocol’s governance and value-capture token, RESOLV, fell about 6% to $0.054 following the incident.
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