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Stablecoins are shaky as USDT shows signs of depeg

Yana Khlebnikova
Edited by
News
Stablecoins are shaky as USDT shows signs of depeg

As the crypto market’s volatility continues, the total stablecoin market capitalization declined by 0.25% over the past 24 hours, with an average price change of 0.71%. 

The downward movement comes after the largest stablecoin by market cap, USDT, shows signs of depeg. USDT’s price fell by 0.23% over the past 24 hours and plunged to a local bottom of $0.997 after the asset lost roughly $270 million of its market capitalization.

Stablecoins are shaky as USDT shows signs of depeg - 1
USDT price – June 15 | Source: Trading View

However, data from Binance shows that USDT is back to the $1 mark, while Trading View’s data suggests otherwise — displaying a price of $0.9974 at the time of writing.

Stablecoins are shaky as USDT shows signs of depeg - 2
USDT to USD price chart – June 15 | Source: Binance

On the other hand, USDC’s market cap has risen by over $40 million since USDT lost its peg to the US dollar. USDC’s 24-hour trading volume has also risen by 60% over the past day.

DAI and BUSD have also witnessed notable drops of roughly $80 million and $90 million, respectively. Data provided by crypto.news shows that DAI’s trading volume has exploded by 255% over the past 24 hours.

Furthermore, USDT depeg comes as its supply annual percentage rate (APR) on Aave protocol rose to almost 15% from 2.75% in less than 24 hours. According to data provided by the lending platform, variable and stable borrowing annual percentage yields (APY) have risen significantly.