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TangibleDAO, the USDR issuer and RWA protocol that was in trouble due to the liquidity crisis last year, announced that it has changed its name to real.al. Its CEO Jag Singh said that the "real.al" Layer2 blockchain based on Arbitrum will seek to provide issuance and trading agents. Tokenized Real World Assets (RWA) provide “full stack” support. (CoinDesk)

According to CoinDesk, Tangible has rebranded to re.al after its stablecoin, USDR, experienced a liquidity crisis last year. The UK-based project is now focusing on two forms of redemption: a literal redemption of assets for holders of the sub-dollar stablecoin, and a metaphorical redemption of the project itself through a pivot to becoming a platform for other real-world assets (RWAs) to build on. The rebranded layer-2 blockchain, re.al, is expected to go live in two weeks and aims to offer a 'full stack' experience for issuing and trading tokenized real-world assets, according to CEO Jag Singh. Re.al is built on the Arbitrum network, which is a layer-2 network that ties into the security of Ethereum but is faster and cheaper than the best-known smart contracts blockchain. Singh believes that a 'highly specialized' layer-2 network will likely win out in the race to tokenize and trade popular real-world assets like real estate, stocks, and commodities. The re.al blockchain's new governance token will pass revenue generated by projects building on the platform back to the token holders. The RWA market is projected to climb past $10 trillion by the end of the decade, and if permissionless trading advocates have their way, massive pieces of financial infrastructure will inevitably pivot on-chain.

스테이블 코인 USDR 발행사 re.al(구 탠저블)이 2주 내 아비트럼 네트워크에서 프로토콜을 새롭게 출시될 예정이라고 코인데스크가 전했다. 앞서 USDR는 리저브(준비금)내 DAI가 바닥나면서 디페깅이 심화된 바 있다.

First came the literal redemption for failed stablecoin USDR. Now comes the metaphorical redemption as Tangible changes its name to re.al. source: https://www.coindesk.com/business/2024/03/04/usdr-issuer-tangible-plans-to-redeem-itself-as-a-layer-2-for-real-world-assets/?utm_medium=referral&utm_source=rss&utm_campaign=headlines

According to CoinDesk, Tangible's USDR stablecoin, which is backed by real estate, lost its peg to $1, but CEO Jag Singh says holders should be able to get 90 cents on the dollar paid in DAI and 10 cents in Tangible's governance token. USDR's promise was to offer holders extra yield by generating revenue via its U.K. real estate – but a run on USDR's DAI holdings left the project short on liquidity. The collapse of the real estate-backed stablecoin USDR last October threatened to leave its holders short millions of dollars. However, Tangible is getting closer to honoring redemptions of the stablecoin that should give holders 90 cents on the dollar with DAI and the final 10 cents in Tangible's own governance token. The path from failure to redemption sheds light on the tokenomics that underpin mixed-asset stablecoins, which attempt to hold their dollar peg through collateral that isn't always a dollar. These constructions can have upside in good times but can go south in a hurry during a liquidity crunch. That's what happened last October when a run on USDR's DAI holdings left the project short on swap liquidity. With no easy way for Tangible to quickly unload its real estate holdings, its USDR token fell from $1.00 to nearly $0.50. Singh and his team learned that a stablecoin can't really be backed by something that's not very liquid. The irony of USDR's October collapse was that it came days after the project published 'proof of reserves' reports that definitively indicated Tangible had the real estate assets it claimed was backing the token. The market should have been assured by this information, but instead, 'a lot of strange on-chain activity' on Oct. 11 forced USDR into a precarious position as coordinated wallets sold USDR en-masse to quickly buy it back at a heavy discount. The redemption itself hinges on the rollouts of Tangible's 'basket' product, which for the first time will let investors access USDR's real estate backing on-chain. These baskets will contain NFTs that represent the legal right to the property. An investor who holds enough in baskets could burn their NFT and take legal ownership of the property itself, Singh said.