In a recent report by Moody’s Analytics, an unsettling pattern emerges within the cryptocurrency landscape. Throughout 2023, large-cap stablecoins, boasting a market valuation exceeding $10 billion, have depegged a staggering 609 times. This figure, alarmingly close to the 707 incidents reported in 2022, casts a shadow on the perceived stability of these digital assets.
Large Cap Stablecoins Unsteady State
Despite their intended purpose as beacons of stability in the volatile seas of cryptocurrency, these large-cap stablecoins have repeatedly failed to maintain their peg to fiat currencies. Notably, the USDC stablecoin from Circle dropped to $0.88 in the wake of the Silicon Valley Bank debacle on March 11. Meanwhile, October saw the Real USD stablecoin’s value plummet by nearly half, spotlighting the persistent volatility that haunts the sector.
Moody’s Analytics Sheds Light on Frequent Depegging
Moreover, the high frequency of depegging events sheds light on the underlying insta
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