Real USD

Real USD tried a novel twist: back a dollar token with tokenized real estate and a DAI buffer instead of cash. Issued on Polygon by Tangible DAO, it held income-producing property alongside a pool of DAI meant to absorb redemptions. The design broke in October 2023. Over a few hours on the 11th, holders drained the treasury's liquid DAI, and with the rest of the backing locked in illiquid houses, USDR could not meet the rush. It collapsed from its intended peg to around fifty-one cents and never recovered. Tangible conceded the model had too many attack vectors, moved to wind the token down through an asset-redemption process, and dropped Real USD from its future plans. It stands as a cautionary case in the graveyard of asset-backed stablecoins that could not survive a run.