As pointed out by on-chain analyst Ai Yi (@ai_9684xtpa) and PeckShield, Resolv’s USR stablecoin was pegged on Sunday due to an apparent smart contract exploit that allowed an attacker to create 80 million USR tokens and dump them on a decentralized exchange.
.@ResolvLabs I think the amount is quite large. $USR It has been minted. Be alert!
$50 million: https://t.co/gDrTBJDkax
$30 million: https://t.co/jLyvQkMMSV pic.twitter.com/0F7JZrKR4V— PeckShieldAlert (@PeckShieldAlert) March 22, 2026
According to CoinGecko, USR quickly destabilized and fell to $0.2 before recovering to around $0.8.
Resolv Labs, the core developer of the Resolv Protocol, said in a statement that it had temporarily suspended operations following the attack. The team is investigating the situation and taking steps to contain it.
Resolv experienced an exploit that allowed an attacker to issue $50 million in unsupported USRs.
The team has currently suspended all protocol functionality to prevent further malicious activity and is actively working on recovery.
— Resolv Labs (@ResolvLabs) March 22, 2026
USR is a 1:1 dollar-pegged stablecoin created by Resolv to operate fully on-chain. Instead of holding fiat reserves, they use over-collateralized crypto assets such as ETH, staked Ethereum, and Bitcoin to maintain value.
RESOLV, the protocol’s native token used for governance and value capture, fell 6% to $0.054 on the news.
