Hacker Mints $900M in USR Stablecoins Through Smart Contract Exploit

An attacker exploited a vulnerability in the minting logic of the USR stablecoin smart contract, creating approximately $900 million worth of tokens without providing the required collateral. The exploit targeted the protocol's validation mechanism, allowing the attacker to bypass the checks that normally ensure each token is backed by real assets. The unauthorized minting was detected by on-chain monitoring tools within hours of execution. The USR protocol team froze trading and began working with blockchain security firms to assess the full scope of the breach. As of publication, it was unclear how much of the minted supply the attacker was able to liquidate before trading was halted. The incident is one of the largest stablecoin exploits by dollar value and raises questions about the auditing standards applied to decentralized finance protocols handling billions in user deposits.