Large-cap stablecoins have lost pegs 609 times this year

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According to one Report Latest data from Moody’s Analytics shows that stablecoins relative to the broader market pegged to fiat currencies have depreciated or fluctuated by more than 3% in a day, a total of 609 times so far in 2023. This compares to 707 for large-cap stablecoins, with the next drop occurring in 2022.

Large-cap stablecoins refer to stablecoins with a market capitalization of more than $10 billion.

“High decoupling highlights the unpredictable volatility of the industry. In 2022, rising interest rates triggered significant decoupling, a trend that recurred in March 2023. However, Moody’s data shows that decoupling is widespread among stablecoins exists and stems from a range of macro and currency-specific factors.

Since the beginning of this year, many stablecoins have depreciated. For example, after the collapse of Silicon Valley Bank, Circle’s USDC stablecoin fell to $0.88 on March 11. On October 11th, the Real USD stablecoin fell by about 50% on the same day. .

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