StablR freezes USDR and EURR after attacker mints $13.5 million in unbacked tokens
Key takeaways
- Onchain investigator ZachXBT publicly flagged the exploit over the weekend, posting that two contracts tied to StablR's USDR and EURR stablecoins appeared compromised.
- The Malta-based firm said it detected “irregularities” in its systems after internal alerts triggered an investigation.
- StablR froze token operations and asked exchanges to halt trading, deposits and withdrawals for both stablecoins while the company investigates the breach.
The breach, linked to a 1-of-3 multisig wallet weakness, allowed attackers to compromise a key and mint $13.5 million in unbacked tokens, netting them $2.8 million.By Francisco Rodrigues|Edited by Jamie Crawley May 26, 2026, 11:25 a.m. 2 min read Make preferred on (Boitumelo/Unsplash)What to know: Stabl R suspended USDR/EURR operations after a cyberattack. The tokens are now under-collateralized and don't meet the 1:1 backing required by MiCA.The breach, linked to a 1-of-3 multisig wallet weakness, allowed attackers to compromise a key and mint $13.5M in unbacked tokens, netting them $2.8 million.Following the breach, the tokens briefly lost up to 50% of their peg; USDR is at $0.994 and EURR is significantly lower at $0.548.European stablecoin issuer StablR has suspended minting and redemption services for its USDR and EURR tokens after a cyberattack left the assets under-collateralized, according to a company statement.
Onchain investigator ZachXBT publicly flagged the exploit over the weekend, posting that two contracts tied to StablR's USDR and EURR stablecoins appeared compromised.
The Malta-based firm said it detected “irregularities” in its systems after internal alerts triggered an investigation.