StablR USD
USDR
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
USDR (StablR USD) is a fiat-backed stablecoin issued by Malta-based StablR Ltd under MiCA regulations. While its tokenomics structure was originally designed around 1:1 fiat backing and compliance, the project suffered a catastrophic security and governance failure. On May 25, 2026, the issuer disclosed a major security breach resulting from a compromised 1-of-3 multisignature minting key: "On May 25, 2026, StablR disclosed a cybersecurity incident affecting both USDR and EURR operations (StablR, May 25, 2026)." The attacker minted approximately $13.5 million in unbacked tokens (~8.35M USDR and ~4.5M EURR), causing a severe depeg, the halting of redemptions and trading, and acknowledged regulatory non-compliance regarding its 1:1 backing requirement. Community engagement and organic development have halted, team leadership remains non-transparent without a formal recovery plan, and verifiable smart contract audits are absent. The weighted average score is 3.1/10 (Active Development: 2.0, Community Support: 2.0, Tokenomics: 6.5, Market and Use Case: 3.0, Team and Governance: 2.5, Security and Audit History: 1.5).
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About StablR USD (USDR)
StablR USD (USDR) is a fiat-backed stablecoin issued on Ethereum as an ERC-20 proxy contract by StablR Limited, an electronic money institution based in Malta under the supervision of the Malta Financial Services Authority (MFSA) within the European Union's Markets in Crypto-Assets (MiCA) framework. The stablecoin was designed for institutional payment processing, foreign exchange trade settlement, and fiat onboarding, operating with supply mechanics intended to mint and burn tokens at a 1:1 ratio against fiat reserves.
In May 2026, the protocol experienced a major security incident resulting from an operational weakness in its Ethereum multisignature setup. An attacker compromised a 1-of-3 multisignature minting key, allowing the unauthorized minting of approximately $13.5 million in uncollateralized assets across StablR's stablecoins, including roughly 8.35 million USDR and 4.5 million EURR. This unbacked issuance caused USDR to lose its peg, dropping by up to 50%.
Following the exploit, StablR suspended minting and redemption services and requested that cryptocurrency exchanges halt trading, deposits, and withdrawals for USDR. The issuer acknowledged that USDR's circulating supply was no longer fully collateralized, creating a breach of MiCA 1:1 reserve requirements and leading to notifications to the MFSA under MiCA and Digital Operational Resilience Act reporting rules. Operational concerns have also been raised regarding an absence of verified third-party smart contract audits, corporate communication blackouts following the exploit, and a lack of a formalized compensation or remediation plan.