Circa 10% of the backing of Real USD at any given time is TNGBL.
TNGBL is the native token of the Tangible marketplace, it accrues value from the Tangible marketplace fees, 2.5% per tx. This gives it value independently of its 10% claim on Real USD seigniorage.
Future products launched by Tangible (borrowing, baskets etc) will also accrue value to the TNGBL token, this creates a useful flywheel:


  • Allows for the above flywheel.
  • Allows for yield incentives whilst the RE portion of the backing is small.
  • Provides a cushion against RE price volatility
  • Enables Tangbile labs to mint Real USD and then use these funds to accumulate BAL, CRV etc to drive futher adoption.

Risks & Mitigation

  • TNGBL price falls causing a drop beneath 100% collateralization ratio
USDR's unique backing allows for an auto re-collateralization mechanism should backing ever fall beneath 100%.
  • In the case of 100% Real USD redemptions the TNGBL portion of the backing when liquidated doesn't return $1 for each dollar of TNGBL in the backing.
Real Estate has a long predicable history of price appreciation in FIAT, meaning soon Real USD will be 100% collateralized by just Real Estate and DAI and the TNGBL portion will simply provide additional collateralization and yield.
Until this occurs however we have set up an insurance fund, to provide additional confidence to the market that in the case of 100% reduction in market cap that all users will receive $1.