StablR's EURR and USDR Stablecoins Collapse After $13.5M Multisig Exploit!

Tether- and Kraken-backed stablecoin issuer StablR suffered a severe security breach after an attacker exploited a 1-of-3 multisig wallet to mint $13.5 million in unbacked tokens. The exploit sent both of StablR's stablecoins into freefall: EURR dropped to $0.85 while USDR cratered as low as $0.40 — a 60% collapse that effectively wiped out the peg entirely.

The attacker wasted no time converting the illicitly minted tokens, swapping over $10 million worth into ETH before the breach could be contained. The 1-of-3 multisig threshold — requiring only a single key to authorize transactions — is the critical failure point regulators and security researchers will focus on.

The incident puts renewed pressure on stablecoin issuers backed by major institutions to demonstrate robust custody and access-control standards.