As noted by on-chain analysts Ai Yi (@ai_9684xtpa) and PeckShield, Resolv’s USR stablecoin was unpegged on Sunday after an apparent smart contract abuse allowed an attacker to mint 80 million USR tokens and dump them on a decentralized exchange.
.@ResolvLabs It appears that multiple large amounts of $USR were 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, the U.S. dollar quickly became volatile, dropping to as low as $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 exploit. The team is investigating and taking steps to contain the situation.
Resolv experienced an exploit that allowed an attacker to mint 50 million USR without backing.
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 built by Resolv to operate completely on-chain. Rather than holding fiat reserves, it uses overcollateralized crypto assets such as ETH, staked Ethereum, and Bitcoin to maintain its value.
Following this news, RESOLV, the protocol’s native token used for governance and value capture, fell 6% to $0.054.
Disclosure: This article was edited by Vivian Nguyen. Please see our Editorial Policy for more information on how we create and review content.
