Stablecoin Depeg History
Every episode since 2020-12-30 in which one of the eight major dollar stablecoins traded more than 50 basis points from $1, with the worst point reached, the day it happened and how long it lasted. 40 events across 8 coins: 17 discounts below $1 and 23 premiums above it.
Want today's reading instead? The live depeg monitor shows how far each of these coins is from $1 right now.
The largest depegs on record
All coins together, ranked by how far the price moved from $1. Negative is a discount (the coin sold below a dollar), positive is a premium.
| Coin | Peak | Price | Worst day | Window | Days | Backing |
|---|---|---|---|---|---|---|
| USDD | -415 bp | $0.9585 | 2022-06-20 | 2022-06-14 to 2022-07-14 | 27 | crypto-backed |
| USDC | -389 bp | $0.9611 | 2023-03-12 | 2023-03-12 to 2023-03-13 | 2 | fiat-backed |
| DAI | -375 bp | $0.9625 | 2023-03-12 | 2023-03-12 to 2023-03-15 | 2 | crypto-backed |
| TUSD | -356 bp | $0.9644 | 2024-02-29 | 2024-01-09 to 2024-02-29 | 49 | fiat-backed |
| USDD | -312 bp | $0.9688 | 2023-03-12 | 2023-03-12 to 2023-03-15 | 4 | crypto-backed |
| USDD | -301 bp | $0.9699 | 2024-04-18 | 2024-04-15 to 2024-05-08 | 21 | crypto-backed |
| USDD | -283 bp | $0.9717 | 2023-01-21 | 2022-11-09 to 2023-02-16 | 98 | crypto-backed |
| TUSD | +260 bp | $1.0260 | 2024-03-25 | 2024-03-21 to 2024-03-27 | 6 | fiat-backed |
| TUSD | +260 bp | $1.0260 | 2024-12-08 | 2024-12-05 to 2024-12-11 | 7 | fiat-backed |
| USDe | +250 bp | $1.0250 | 2023-12-25 | 2023-12-25 to 2023-12-30 | 3 | crypto-backed |
How to read these tables
Deviation is measured in basis points: 1 bp is 0.01%, so 100 bp is one cent on a one-dollar coin. The price column converts the peak back into dollars for the same reason a cardholder cares: a coin at $0.9611 buys about four cents less per dollar of card balance than the day before.
An event is a run of days on which the coin's daily price was more than 50 bp from $1. Days inside the run that dipped back under the threshold do not end it: gaps of up to 3 days are treated as the same episode, because a coin that recovers for a day and breaks again is still in the same trouble. The Days column counts the days beyond the threshold, so it can be a little shorter than the calendar window. Each coin lists at most five events, largest first, so the shorter tables below are not complete diaries of every wobble, they are the five worst.
Direction matters as much as size. A discount means holders were selling at a loss to get out. A premium means buyers were paying more than a dollar to get in, which almost always happens while a different coin is the one in trouble and money is looking for somewhere to land. Several premiums in the list share a date with a discount elsewhere in the list, and that pairing is the signature of a single event seen from two sides.
The clearest case: the weekend of 11 and 12 March 2023
Silicon Valley Bank failed on Friday 10 March 2023. Circle disclosed that $3.3 billion of USDC's cash reserve was held there, and over the weekend the market priced the chance that part of the backing was gone. In this record USDC is at -389 bp on 12 March. DAI is at -375 bp the same day, not because of anything wrong with DAI's own design, but because a large share of its collateral was USDC. USDT moved the other way over the following days, at a premium from 2023-03-13 and peaking at +110 bp on 2023-03-21, as money left the two affected coins and went into the one that was not exposed.
On Monday US regulators said depositors would be made whole, the reserve question was answered, and both coins were back inside the threshold within days. The full mechanics are in anatomy of a depeg, and the effect on a stablecoin-funded card balance is in what a depeg does to a U-card holder.
The pattern to take from that weekend: a depeg spreads through whatever holds the broken asset as reserves, and a premium on a competitor is part of the same event, not a separate one. When a reading crosses the threshold on one coin, the next thing to check is what the other coins did on the same day.
The longest episodes
A different ranking: how many days each coin spent beyond the threshold within one episode. Depth and duration do not go together. The March 2023 episode was deep and over in two days; the episodes below were shallower on most days but did not heal for weeks.
| Coin | Days | Window | Peak | Worst day |
|---|---|---|---|---|
| USDD | 98 | 2022-11-09 to 2023-02-16 | -283 bp | 2023-01-21 |
| TUSD | 49 | 2024-01-09 to 2024-02-29 | -356 bp | 2024-02-29 |
| USDD | 44 | 2023-12-03 to 2024-01-16 | -201 bp | 2024-01-01 |
| USDD | 27 | 2022-06-14 to 2022-07-14 | -415 bp | 2022-06-20 |
| USDD | 21 | 2024-04-15 to 2024-05-08 | -301 bp | 2024-04-18 |
A long, shallow discount tells a different story from a short, deep one. The deep one is a question that got answered (a bank failure, a disclosure). The long one is usually a coin that lost its easiest route back to $1: redemption is slow, restricted or doubted, so the arbitrage that normally closes a gap in hours is not running. For a cardholder the long kind is the more expensive, because every top-up during those weeks is converted at the discounted price.
Every event, coin by coin
USDT Tether USDt, fiat-backed, 2070 days of daily prices from 2020-12-30
| Peak | Price | Worst day | Window | Days |
|---|---|---|---|---|
| +114 bp | $1.0114 | 2021-03-01 | 2021-02-20 to 2021-03-03 | 9 |
| +110 bp | $1.0110 | 2023-03-21 | 2023-03-13 to 2023-03-26 | 10 |
| +107 bp | $1.0107 | 2021-09-13 | 2021-09-13 | 1 |
| +85 bp | $1.0085 | 2021-01-12 | 2021-01-07 to 2021-01-12 | 3 |
| +84 bp | $1.0084 | 2021-08-20 | 2021-08-20 to 2021-08-23 | 2 |
USDC USDC, fiat-backed, 2070 days of daily prices from 2020-12-30
| Peak | Price | Worst day | Window | Days |
|---|---|---|---|---|
| -389 bp | $0.9611 | 2023-03-12 | 2023-03-12 to 2023-03-13 | 2 |
| -191 bp | $0.9809 | 2021-01-05 | 2021-01-05 | 1 |
| +110 bp | $1.0110 | 2021-05-17 | 2021-05-13 to 2021-05-17 | 3 |
| +109 bp | $1.0109 | 2022-02-05 | 2022-02-05 | 1 |
| +98 bp | $1.0098 | 2021-11-15 | 2021-11-13 to 2021-11-21 | 5 |
DAI Dai, crypto-backed, 2070 days of daily prices from 2020-12-30
| Peak | Price | Worst day | Window | Days |
|---|---|---|---|---|
| -375 bp | $0.9625 | 2023-03-12 | 2023-03-12 to 2023-03-15 | 2 |
| +109 bp | $1.0109 | 2021-09-13 | 2021-09-13 | 1 |
| +100 bp | $1.0100 | 2021-02-25 | 2021-02-24 to 2021-03-05 | 8 |
| +99 bp | $1.0099 | 2021-01-12 | 2021-01-03 to 2021-01-12 | 5 |
| +96 bp | $1.0096 | 2021-08-20 | 2021-08-20 to 2021-08-23 | 2 |
USDe Ethena USDe, crypto-backed, 991 days of daily prices from 2023-12-15
| Peak | Price | Worst day | Window | Days |
|---|---|---|---|---|
| +250 bp | $1.0250 | 2023-12-25 | 2023-12-25 to 2023-12-30 | 3 |
| +230 bp | $1.0230 | 2024-01-07 | 2024-01-04 to 2024-01-07 | 2 |
| -162 bp | $0.9838 | 2026-02-01 | 2026-01-31 to 2026-02-01 | 2 |
| +100 bp | $1.0100 | 2024-11-11 | 2024-11-11 | 1 |
| +70 bp | $1.0070 | 2024-01-16 | 2024-01-16 to 2024-01-18 | 2 |
PYUSD PayPal USD, fiat-backed, 1106 days of daily prices from 2023-08-17
| Peak | Price | Worst day | Window | Days |
|---|---|---|---|---|
| +150 bp | $1.0150 | 2023-08-28 | 2023-08-27 to 2023-08-28 | 2 |
| -108 bp | $0.9892 | 2023-08-17 | 2023-08-17 | 1 |
| +90 bp | $1.0090 | 2024-08-08 | 2024-08-08 | 1 |
| -72 bp | $0.9928 | 2024-07-04 | 2024-07-04 to 2024-07-07 | 2 |
| -57 bp | $0.9943 | 2024-03-05 | 2024-03-05 | 1 |
USDD USDD, crypto-backed, 1583 days of daily prices from 2022-05-02
| Peak | Price | Worst day | Window | Days |
|---|---|---|---|---|
| -415 bp | $0.9585 | 2022-06-20 | 2022-06-14 to 2022-07-14 | 27 |
| -312 bp | $0.9688 | 2023-03-12 | 2023-03-12 to 2023-03-15 | 4 |
| -301 bp | $0.9699 | 2024-04-18 | 2024-04-15 to 2024-05-08 | 21 |
| -283 bp | $0.9717 | 2023-01-21 | 2022-11-09 to 2023-02-16 | 98 |
| -201 bp | $0.9799 | 2024-01-01 | 2023-12-03 to 2024-01-16 | 44 |
TUSD TrueUSD, fiat-backed, 2070 days of daily prices from 2020-12-30
| Peak | Price | Worst day | Window | Days |
|---|---|---|---|---|
| -356 bp | $0.9644 | 2024-02-29 | 2024-01-09 to 2024-02-29 | 49 |
| +260 bp | $1.0260 | 2024-03-25 | 2024-03-21 to 2024-03-27 | 6 |
| +260 bp | $1.0260 | 2024-12-08 | 2024-12-05 to 2024-12-11 | 7 |
| -208 bp | $0.9792 | 2021-01-05 | 2021-01-04 to 2021-01-08 | 3 |
| -193 bp | $0.9807 | 2021-05-13 | 2021-05-13 to 2021-05-23 | 5 |
FDUSD First Digital USD, fiat-backed, 1130 days of daily prices from 2023-07-29
| Peak | Price | Worst day | Window | Days |
|---|---|---|---|---|
| +230 bp | $1.0230 | 2024-08-08 | 2024-08-08 | 1 |
| -193 bp | $0.9807 | 2025-04-02 | 2025-04-02 to 2025-04-06 | 3 |
| +120 bp | $1.0120 | 2024-02-12 | 2024-02-11 to 2024-02-15 | 3 |
| -116 bp | $0.9884 | 2024-10-25 | 2024-10-25 | 1 |
| +110 bp | $1.0110 | 2024-11-11 | 2024-11-11 | 1 |
What this record cannot tell you
- It is one reading per day, from one aggregator. The source is DefiLlama stablecoins API, which publishes a single daily price per coin. A discount that lasted three hours on one exchange and healed before the day closed does not appear here at all, and the daily figure is always milder than the worst trade of the day. Reports of USDC touching about $0.87 on some venues during the March 2023 weekend and the $0.9611 close in this table are both correct; they measure different things.
- A market price is not a redemption price. Every number here is what the secondary market paid. An issuer that kept redeeming at $1 for eligible counterparties throughout an episode looks just as broken in this table as one that halted redemptions, and the difference between the two is most of what decides whether the gap closes.
- The record starts when the source's price history starts. For the oldest coins that is 2020-12-30. Anything earlier is not missing because it did not happen; it is missing because it is outside the window.
- Coins that no longer trade near $1 are not listed. TerraUSD is the best-known stablecoin failure and it is not in these tables, because a coin that went to a few cents and stayed there has no episodes to bound; its whole remaining life is one. The same goes for tokens that were wound down. Anatomy of a depeg covers that collapse alongside the USDC case.
- Yield-bearing dollar tokens are excluded on purpose. A token that pays interest into its own price sits permanently above $1 by design, and measuring it against $1 would produce a large fake premium on every day of its life.
- The cause is not in the data. The tables say when and how far, not why. Where a cause is well documented, as with March 2023, it is written above; where it is not, this page does not guess.
How to check an episode against your own records
If you held or spent one of these coins through an episode, the effect is in your own history, and it is worth confirming rather than assuming.
- On a crypto card: find a top-up dated inside the window and compare the stablecoin you sent with the card balance you received. On an ordinary day that ratio is the card's top-up fee. Inside a discount episode it is the fee plus the discount, and the extra is what the depeg cost you. How top-up conversion works explains where to find that figure.
- On an exchange: the trade history shows the price you actually got, which may be worse than the daily figure here if you sold near the low of the day.
- If nothing changed for you even though the coin is listed with a deep discount, your card program was probably holding your balance in fiat rather than in the coin, or converting at a fixed $1. That is worth knowing before the next episode, because a program that absorbs the loss once may not do so twice.
Where the numbers come from
- Daily prices, supply and backing type: DefiLlama stablecoins API, snapshot taken on 2026-09-05 and refreshed when this site is rebuilt.
- Threshold: 50 bp. Below that, ordinary day-to-day noise would fill the tables and mean nothing.
- Merging rule: gaps of up to 3 days inside an episode are treated as the same event.
- Coverage: the eight coins on the live monitor. Their designs are compared in Stablecoins 101 and, for the two largest, in USDT vs USDC.