StablR Stablecoins Depeg After $2.8 Million Hack

StablR, a stablecoin issuer regulated by the Malta Financial Services Authority, designed its USDR and EURR tokens to maintain one-to-one reserves and pegs backed by U.S. dollar and euro assets, respectively. The incident shows that even when smart contracts have no vulnerabilities, weak multisignature thresholds and private-key governance can cause fiat-backed stablecoins to lose full backing and market confidence almost instantly.

On May 24, 2026, an attacker compromised a minting account that required only one of three keys for authorization and illegally minted 8.35 million USDR and 4.5 million EURR, with a combined face value of about $13.5 million. The attacker cashed out about $2.8 million by selling the tokens on decentralized exchanges, briefly pushing USDR down to $0.70 and EURR to $0.88. StablR froze both tokens on May 26 and suspended minting and redemptions.