Depeg
depeggingdepegged
A stablecoin trading materially away from its target price ($1 for USD-pegged stables) on a primary venue.
Depeg is a continuous variable, not binary. StableLens measures depeg severity by max deviation, time-to-recovery, and venue (a depeg on a small DEX is informational; one on Curve 3pool is consequential). Notable depegs: UST → 0 (May 2022, terminal); USDC → $0.87 (Mar 2023, recovered in ~3 days); DAI → $0.93 (Mar 2023, USDC contagion).
Related terms
- PegA stablecoin's design target price — usually $1 USD, though EURC, agEUR, and XSGD are pegged to other currencies.
- Peg stabilityThe StableLens compliance dimension that scores how reliably a stablecoin tracks its peg under normal and stress conditions.
- ContagionThe propagation of stress from one entity / asset to another via balance-sheet, lending, or confidence linkages.