Large cap stablecoins have depegged 609 times this year, Moody’s Analytics says

Quick Take

  • Stablecoins with market capitalizations of over $10 billion have depegged 609 times so far this year, Moody’s Analytics said in a new report.
  • That’s compared to 707 depegs of large cap stablecoins in 2022.

Large cap stablecoins have depegged, or fluctuated by more than three percent in a day against their fiat peg, 609 times thus far in 2023, according to a new report from Moody's Analytics. That's compared to 707 depegs that occurred in 2022.

A large cap stable coin refers to one with a market capitalization of over $10 billion. 

"The high number of depegs provides context to headline volatility seen in the sector," the report stated. "In 2022, there were high-profile depegs triggered by rising interest rates, a trend seen again in March 2023. However, Moody’s data shows that depegs are remarkably common among stablecoins and seen for a host of macro and coin-specific factors."

Notable stablecoin depegs


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This year has seen numerous stablecoins depegs, such as Circle's USDC stablecoin falling to $0.88 on March 11 after the Silicon Valley Bank collapse and the Real USD stablecoin crashing around 50% on Oct. 11, The Block previously reported. 

Moody's Analytics said its new Digital Asset Monitor will signal the probability of a stablecoin depeg from a fiat currency in a 24-hour time horizon, with a launch version tracking 25 fiat-backed stablecoins including Tether, USDC, and PayPal Coin.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.


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