StablR stablecoins depeg after $10M security breach

StablR lost up to $10M after a compromised key let an attacker mint and swap millions in EURR and USDR, causing both stablecoins to depeg by over 20%.

StablR, a European stablecoin issuer, suffered a major security breach with losses estimated between $2.8 million and $10 million. The exploit targeted smart contracts for its EURR and USDR stablecoins, causing both tokens to lose their pegs by over 20%. Blockchain security firm Blockaid traced the incident to a compromised private key in a vulnerable 1-of-3 multisignature minting wallet. This allowed the attacker to mint millions of tokens, which were then swapped for 1,115 ETH—worth $10.4 million—highlighting the limited liquidity of the tokens. On-chain investigator ZachXBT helped identify the breach and assisted in freezing some of the stolen assets. This incident underscores persistent concerns about stablecoin security and private key management, adding to a growing list of DeFi exploits in May 2025.