Resolv Labs’ USR stablecoin depegged from its intended $1 value after an attacker exploited the protocol to mint 80 million USR and cash out at least $25 million, according to initial reports.
Exploit overview
The attacker was able to create 80 million new USR tokens and convert a portion of them into other assets, realizing proceeds estimated at a minimum of $25 million. Specific technical details of the vulnerability have not yet been disclosed.
Depeg and market reaction
The sudden surge in token supply pushed USR below its $1 peg, triggering heightened volatility and liquidity pressures across affected trading pools. The incident underscores the systemic risk that minting exploits pose to stablecoins, where unauthorized issuance can rapidly overwhelm market mechanisms designed to maintain price stability.
About Resolv USR
USR is a U.S. dollar–pegged stablecoin issued by Resolv Labs, designed to maintain a 1:1 value relative to the dollar. Stablecoins play a central role in crypto markets as settlement assets and liquidity instruments, making peg integrity and contract security critical to user confidence and market functioning.
What’s next
Further details, including the root cause of the exploit and remediation steps, are expected as the team assesses the incident. Market participants are watching for updates on any recovery efforts, potential freezes, or contract changes intended to contain further fallout and restore the peg.