Stablecoins, the crypto assets crafted to mirror the stability of fiat currency, have encountered over 600 significant instances of price instability in 2023, as per Moody’s Analytics. A ‘depeg’ or ‘depegging’ event is characterized by a stablecoin’s value swinging beyond a 3% margin from its standard $1 mark within a day, according to Moody’s Analytics’ latest report.
Stablecoins Wobble in 2023
In an effort to keep a close watch on stablecoin fluctuations, Moody’s Analytics has introduced its Digital Asset Monitor (DAM), focusing on key players such as tether, usd coin, and binance usd. This tool has tallied a total of 1,914 depegging events across various stablecoins, with high-value fiat-pegged tokens experiencing 609 such instances alone.
The analysts at Moody’s Analytics revealed a total of 707 depegging events for stablecoins in 2022. Stablecoins are engineered to anchor their value to a fixed rate, commonly $1 per unit, backed by a reserve of fiat currencies
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