StablR’s euro stablecoin EURR fell to about $0.85 on May 24 after reports of an alleged 1-of-3 multisig exploit. Coverage said the incident also hit USDR, with some reports estimating about $2.8 million extracted and market data showing a sharp same-day depeg.

StablR’s euro stablecoin EURR depegged on May 24 after multiple reports said an alleged key-management exploit hit the issuer’s minting setup.

Bitcoin.com News reported EURR trading near $0.85, while Cointelegraph and crypto.news said EURR and StablR’s dollar token USDR were both affected in an ongoing exploit. crypto.news said Blockaid detected the incident on Ethereum and estimated about $2.8 million had been extracted.

StablR describes EURR and USDR as MiCAR-compliant stablecoins on its official site. CoinGecko market data showed sharp same-day price dislocation consistent with a depeg event.

What happened

The reporting points to a compromise of a 1-of-3 minting multisig, allowing unauthorized token issuance. According to the coverage, the attacker appears to have minted unbacked stablecoins and sold them into thin liquidity, pushing the peg lower.

The exact loss figure remains unsettled. One report put the extracted value at roughly $2.8 million, while other coverage suggested the broader impact, including unbacked supply and market damage, could be higher.

What is clear now

EURR traded around $0.85 to $0.88 across the reports and trackers cited in the coverage, while USDR fell more sharply. The incident is a live example of how stablecoin pegs can break when issuance controls fail, even for products marketed as compliant.

StablR has not yet published a full postmortem in the material reviewed for this report. Questions remain over whether the issuer will burn unbacked supply, reimburse holders, or take other steps to restore the peg.

Revision note

Initial automated publication.