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Moody's Analytics Report Shows Large Cap Stablecoins Depegged Over 600 Times in 2023

Moody's Analytics has reported that large cap stablecoins, which have a market capitalization of over $10 billion, have experienced 609 depegs in 2023 so far, compared to 707 in 2022. These depegs, or fluctuations of more than three percent in a day against their fiat peg, are common and can be triggered by macro and coin-specific factors. Notable stablecoin depegs this year include Circle's USDC and Real USD. Moody's new Digital Asset Monitor will track 25 fiat-backed stablecoins and signal the probability of a stablecoin depeg in a 24-hour time horizon.

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