Stablecoin Collapses: USR Crashes 95%, USD0++ Depegs, but USDC Remains Strong

The stablecoin market has seen significant collapses in recent years, with some tokens losing up to 95% of their value. One such example is USR, which was issued by Resolv Labs as a delta-neutral stablecoin pegged to the US dollar. However, on March 22, 2026, an attacker exploited a compromised private key vulnerability and minted 80 million unbacked tokens, causing the token to crash over 95% to around $0.025.

The incident highlighted weaknesses in key management procedures and the importance of robust on-chain verification safeguards. The USR collapse was classified as a solvency failure by Webacy research, which found that such failures caused 72% of the $2.5 billion destroyed across 36 loss-bearing stablecoin collapses from 2022 through 2026.

Another stablecoin, USD0++, also depegged to $0.89 after Usual Protocol introduced a discounted floor redemption price, revealing its bond-like structure and liquidity risk. The token's future depends on regaining investor trust through transparent governance practices.

In contrast, USDC maintains a strong rating from S&P Global due to its robust reserves and transparency. As of October 2025, Circle's reserve composition totaled $75.88 billion, with 35% in Treasuries, 53% in repurchase agreements, and 12% in cash.