Large-cap stablecoins have lost pegs 609 times this year


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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