European stablecoin issuer StablR has frozen operations for its USDR and EURR tokens following a cyberattack that left the assets under-collateralized.
StablR suspended minting and redemption services after detecting irregularities in its systems. The breach involved a 1-of-3 multisig wallet, allowing attackers to mint $13.5 million in unbacked tokens and net $2.8 million. Onchain investigator ZachXBT flagged the issue, and the company is working with cybersecurity firms and law enforcement.
Users highlighted the multisig key compromise allowing minting of unbacked tokens and resulting depegs. Reactions focused on security failures rather than smart contract issues, with reminders about the importance of robust key management. Skepticism was expressed regarding MiCA compliance and overall protocol risks in stablecoins. Some posts noted the attacker's $2.8M profit and team response delays as concerning.
🚨 StablR stablecoins just imploded, depegging USDR by 30% after a $2.8M exploit exposed critical security flaws! pic.twitter.com/D3LHhExRC0
— Jay | Web3 Insights (@JayNam2878) 26. Mai 2026
🚨 “MiCA-compliant” stablecoin issuer StablR just got exploited for $2.8M after hackers took over mint permissions and printed unbacked tokens.
— AlphaWire (@AlphaWireHQ) 26. Mai 2026
No smart contract bug, just terrible key management. pic.twitter.com/8F1BdPwpEr
BREAKING 🚨: StablR's EURR and USDR depeg after attacker mints $13.5 million in unbacked tokens through multisig.
— Your Golden Bull 🐂 (@YourGoldenBull) 26. Mai 2026
Security headlines are a reminder that protocol risk still matters, especially when liquidity is moving quickly across crypto.
⚠️JUST IN: European stablecoin issuer StablR appears to have been exploited for ~$10M.
— DEV MEC (@meckeycee) 26. Mai 2026
The team was asleep during the attack, giving the exploiter a 3+ hour window to continue draining funds. pic.twitter.com/rmHEOCranK
On the dark side: StablR got completely cooked for $2.8M due to a private key compromise.
— Kkkurs🐐 (@Sa1ntDG) 26. Mai 2026
Token depegged to zero.
Secure your infrastructure or become exit liquidity for hackers.
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European Central Bank President Christine Lagarde cautioned against promoting privately issued euro-pegged stablecoins during a speech on Friday. She urged Europe to focus on central bank-backed infrastructure instead.
Thorchain suspended trading for about 12 hours after blockchain researcher ZachXBT flagged a suspected $10 million exploit across multiple networks. The liquidity protocol took the action following the alert on a potential breach. Its native RUNE token fell by double digits in response.
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The Financial Action Task Force has issued a report highlighting stablecoins as the primary vehicle for illicit cryptocurrency transactions, accounting for the majority of suspicious volumes in recent years. The watchdog points to their use by actors in sanctioned countries like Iran and North Korea for sanctions evasion and money laundering. It calls for enhanced regulatory measures to address these risks.
Tether, the issuer of the largest stablecoin USDT, announced a first-quarter net profit of $1.04 billion for 2026. The company's excess reserves reached a record $8.23 billion, with total assets nearing $192 billion against liabilities of about $183.5 billion. Reserves include significant holdings in U.S. Treasuries, gold, and bitcoin.
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SoFi has introduced its dollar-backed stablecoin SoFiUSD to nearly 15 million members through its banking app. The token is available on Ethereum and Solana and is redeemable one-to-one for U.S. dollars via SoFi Bank.