Bitcoin
Bitcoin (BTC)
$99,877.00 -0.97213
Bitcoin price
Ethereum
Ethereum (ETH)
$4,003.64 -1.02976
Ethereum price
BNB
BNB (BNB)
$752.70 1.94658
BNB price
Solana
Solana (SOL)
$241.02 0.81475
Solana price
XRP
XRP (XRP)
$2.55 6.61093
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000325 3.94792
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000258 16.32001
Pepe price
Bonk
Bonk (BONK)
$0.0000472 8.53944
Bonk price
dogwifhat
dogwifhat (WIF)
$3.94 12.0927
dogwifhat price
Popcat
Popcat (POPCAT)
$1.56 7.88585
Popcat price
Bitcoin
Bitcoin (BTC)
$99,877.00 -0.97213
Bitcoin price
Ethereum
Ethereum (ETH)
$4,003.64 -1.02976
Ethereum price
BNB
BNB (BNB)
$752.70 1.94658
BNB price
Solana
Solana (SOL)
$241.02 0.81475
Solana price
XRP
XRP (XRP)
$2.55 6.61093
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000325 3.94792
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000258 16.32001
Pepe price
Bonk
Bonk (BONK)
$0.0000472 8.53944
Bonk price
dogwifhat
dogwifhat (WIF)
$3.94 12.0927
dogwifhat price
Popcat
Popcat (POPCAT)
$1.56 7.88585
Popcat price
Bitcoin
Bitcoin (BTC)
$99,877.00 -0.97213
Bitcoin price
Ethereum
Ethereum (ETH)
$4,003.64 -1.02976
Ethereum price
BNB
BNB (BNB)
$752.70 1.94658
BNB price
Solana
Solana (SOL)
$241.02 0.81475
Solana price
XRP
XRP (XRP)
$2.55 6.61093
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000325 3.94792
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000258 16.32001
Pepe price
Bonk
Bonk (BONK)
$0.0000472 8.53944
Bonk price
dogwifhat
dogwifhat (WIF)
$3.94 12.0927
dogwifhat price
Popcat
Popcat (POPCAT)
$1.56 7.88585
Popcat price
Bitcoin
Bitcoin (BTC)
$99,877.00 -0.97213
Bitcoin price
Ethereum
Ethereum (ETH)
$4,003.64 -1.02976
Ethereum price
BNB
BNB (BNB)
$752.70 1.94658
BNB price
Solana
Solana (SOL)
$241.02 0.81475
Solana price
XRP
XRP (XRP)
$2.55 6.61093
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000325 3.94792
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000258 16.32001
Pepe price
Bonk
Bonk (BONK)
$0.0000472 8.53944
Bonk price
dogwifhat
dogwifhat (WIF)
$3.94 12.0927
dogwifhat price
Popcat
Popcat (POPCAT)
$1.56 7.88585
Popcat price

Large cap stablecoins depegged 600+ times in 2023: Moody’s

large-cap-stablecoins-depegged-600-times-in-2023-moodys
Edited by
News
Large cap stablecoins depegged 600+ times in 2023: Moody’s

In total, more than 1,910 depegs have occurred on the stablecoin market as of September 2023, analysts at Moody’s say.

Lage cap fiat-backed stablecoins have depegged 609 times up to mid-September 2023 due to several macro and coin-specific factors.

According to a recent report from Moody’s, the stablecoin area has witnessed 1,914 depegs so far, representing a 32.7% decline compared to 2022, when the market had a total of 2,847 depegs.

Large cap stablecoins depegged 600+ times in 2023: Moody's - 1
Stablecoins market capitalization | Source: DefiLlama

The international credit agency says the high-profile depegs of 2022 were mainly triggered by “rising interest rates.” This trend was seen again in March 2023, when crypto-friendly banks in the U.S. collapsed one by one.

For data compiling, Moody’s took data on 25 fiat-backed stablecoins, including Tether (USDT), USD Coin (USDC), and PayPal’s (PYUSD), a selection which represents over 92% of the total stablecoin market capitalization, the firm said.

In the future, Moody’s plans to start offering insights on market sentiment for the fiat-backed stablecoins as well as tokenized T-bills and overcollateralized stablecoins. Moody’s scoring stablecoin system, not linked to its rating business, is another incentive for companies issuing stablecoins to remain transparent and compliant. These two factors have become increasingly important for cryptocurrency investors after the FTX crash that has shaken the entire industry.

Meanwhile, the U.S. Securities and Exchange Commission (SEC) is eyeing traditional companies that seek to issue their stablecoins amid a non-transparent regulatory environment in the U.S.

In early November 2023, PayPal revealed in its 10-Q report it had received an investigative subpoena from the regulator regarding its stablecoin tied to the U.S. dollar. While the details behind the move remain unclear, the firm said the subpoena “requests the production of documents.”