Resolv's USR stablecoin experienced a significant depegging event after a hacker exploited a vulnerability in its minting contract, creating 80 million unbacked tokens and stealing $25 million in ETH. The attack, which occurred on March 22, 2025, caused USR to plummet to $0.025 on Curve before partially recovering to $0.85, though it remains below its dollar peg. The attacker utilized a privileged minting role without proper access controls, allowing them to mint excessive tokens and exchange them for USDC and USDT, later converting the proceeds into ETH. Resolv Labs has suspended protocol functions, claiming the collateral pool remains intact, but the incident highlights vulnerabilities in DeFi protocols and the risks of high-yield stablecoins. The attack has led to significant losses for USR holders and affected DeFi lending markets, with USR's market cap dropping from $400 million to $100 million. The incident underscores the need for improved security measures and regulatory oversight in the DeFi space.