Resolv Labs' USR Stablecoin Plummets Over 74% Following Security Breach

Resolv Labs' USR stablecoin experienced a significant devaluation, losing its peg to the U.S. dollar and dropping by more than 74%. According to NS3.AI, this decline occurred after an attacker minted 80 million uncollateralized tokens, extracting approximately $25 million in value. In response, Resolv Labs announced that it has burned about $9 million in USR and halted all protocol functions. The company is also preparing to facilitate redemptions for pre-incident USR, initially focusing on allowlisted users.