UPDATE: Resolv Labs' USR stablecoin plunges 75% after $23M exploit

Resolv Labs' USR stablecoin tumbled about 75% after an exploit struck the protocol's ecosystem on March 22. Attackers reportedly obtained access to private keys and minted 80 million unbacked USR, then swapped the tokens into other assets and liquidated them. The incident drained roughly $23 million from the protocol. USR has since fallen below $0.30, at one point sliding as low as $0.02. Resolv Labs has paused minting and redemptions as it works to contain the damage.