The Resolv platform suffered a severe attack, with its issued stablecoin USR plummeting 69.1% to $0.29 following the attack, causing serious depegging. The attacker exploited protocol vulnerabilities, spending only 200,000 USDC to mint 80 million USR, then converting through wstUSR to cash out by purchasing approximately 9,111 ETH. The team has urgently paused protocol functionality.

This incident once again exposes crypto risks: the "stability" of stablecoins is built upon the rigor of mechanism design, and once vulnerabilities exist, the peg collapses instantly. The key to this attack lies in the flaws of the "deposit and collateralization" mechanism — the attacker exploited the protocol's logic allowing users to deposit collateral assets and mint USR, amplifying small collateral deposits by multiples to mint stablecoins far exceeding their value.

What deserves vigilance is that Resolv is not an isolated case. From Terra's UST collapse to Curve's Vyper vulnerability, the stablecoin track has repeatedly paid a heavy price due to mechanism design or code vulnerabilities. USR's depegging to $0.29 this time means market confidence in it has been severely shaken. Even if the team restores the protocol, rebuilding trust will require a lengthy cycle. $RESOLV