StablR Stablecoins EURR and USDR Plunge After Reported $10M Exploit As Pegs Slip

TLDR

Table of Contents

StablR’s EURR and USDR stablecoins lost pegs after a reported minting exploit on Ethereum.
Blockaid linked the attack to a compromised private key, not a smart contract flaw.
The attacker reportedly minted EURR and USDR worth about $10.4 million at peg value.
Thin exchange liquidity limited the attacker’s swaps to about 1,115 ETH in total value.
The incident adds to recent crypto attacks tied to weak key control and governance.

StablR stablecoins EURR and USDR plunged on Ethereum after a reported exploit hit the project’s minting setup. The attack reportedly allowed new tokens to be minted and sold into thin liquidity.

StablR Stablecoins Lose Their Pegs After Reported Exploit

StablR-linked EURR and USDR stablecoins fell sharply on May 24 after a reported exploit. The tokens moved more than 20% below their expected values during the incident.

Blockchain security firm Blockaid said its detection system found an active exploit on StablR. It reported that about $2.8 million had been extracted at the time.

🚨Community Alert
Blockaid's exploit detection system has identified an ongoing exploit on @StablREuro.
~$2.8M extracted so far.
Both tokens are depegged: 0x50753cfaf86c094925bf976f218d043f8791e408 (StablR Euro)
and
0x7b43e3875440b44613dc3bc08e7763e6da63c8f8 (StablR USD) on…
— Blockaid (@blockaid_) May 24, 2026

The attack was linked to StablR’s minting controls, not a smart contract flaw. Blockaid said, “This is not a smart contract bug — it’s a key management and governance failure.”

Market data showed heavy pressure on both stablecoins after the minting activity. EURR and USDR lost their pegs as traders sold the newly minted tokens.

Attacker Reportedly Minted EURR And USDR Tokens

Blockaid said the suspected cause was a compromised private key. The key belonged to one owner in StablR’s minting multisig account.

The account used a 1-of-3 approval setup. That meant one approved signer could make changes without the other two owners.

According to Blockaid, the attacker added their own address as an owner. The attacker then removed the other owners and gained control of the minting process.

The attacker reportedly minted 8.35 million USDR and 4.5 million EURR. At full peg value, the tokens were worth about $10.4 million.

Thin Liquidity Limited The Reported Losses

The attacker then sold the minted stablecoins through decentralized exchanges. However, the pools had limited liquidity, which reduced the amount received.

The minted tokens had a face value of more than $10 million. Yet the swaps produced about 1,115 ETH, worth roughly $2.8 million.

EURR dropped about 23% in tracked markets during the incident. The token moved from its euro-linked level to about $0.88.

USDR also fell sharply after the exploit became public. Reports said the dollar stablecoin traded near $0.70 during the ongoing event.

StablR Incident Adds To Private Key Exploit Trend

The StablR stablecoins EURR and USDR are regulated collateralized tokens. The project says reserves are held in separate accounts with financial institutions.

StablR also operates under a Malta Electronic Money Institution license. The company falls under the European Union’s MiCA crypto rules.

The incident adds to a wider list of recent crypto attacks. Several DeFi projects have reported private key or admin key breaches this year.

Blockaid’s statement placed the focus on account control and governance. StablR had not posted a public update on X at the reported time.