USR Stablecoin Minting Exploit Sends Price Down 74%

ResolvLabs' USR stablecoin took a brutal hit. A suspected exploit allowed an address to mint 50 million USR tokens using roughly 100,000 USDC. That ratio broke something the protocol was never designed to handle.

The token crashed to $0.257. That is a 74.2% drop in price. It has since recovered to around $0.86, though the team at Resolve has not yet issued any public response.

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When 100K USDC Buys You 500 Times More

Crypto analyst flagged the transaction on X, noting that 100,000 USDC produced 50 million USR. That is a 500x ratio. The transaction hash is publicly visible on Etherscan at 0xfe37f25efd67d0a4da4afe48509b258df48757b97810b28ce4c649658dc33743.

The attacker did not sit still after minting. They moved fast converting those tokens into other assets. As Blockchain reported on X, the address has already acquired approximately $4.55 million worth of ETH from those conversions.

Blockchain security firm PeckShield put a bigger number on it. The firm said roughly $80 million in USR has been minted in total during this event. That figure suggests the exploit window stayed open longer than a single transaction.

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ResolvLabs Has Not Responded

No statement from the Resolve team. That silence is what drew attention almost as fast as the price move itself. noted on X that the team had not responded at the time of posting.

USR is designed to hold its dollar peg. Watching it print at $0.257 rattled confidence in the whole design. It has recovered to $0.8606, but that recovery does not answer the questions around how the minting ratio broke in the first place.

The exploit puts the broader stablecoin space under scrutiny again. A 500x minting ratio does not happen without something going very wrong in the contract logic.

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Wu Blockchain described the situation as a suspected exploit on X, citing the original alert from . The attacker's conversion of minted tokens into ETH points to a deliberate exit strategy. That pattern is consistent with prior DeFi protocol incidents where malicious actors use minted tokens to acquire more liquid assets quickly.

The $80 million figure from PeckShield makes this one of the larger stablecoin incidents this year. Whether ResolvLabs can recover peg confidence after this remains an open question. The team's silence only extends the uncertainty.