I've noticed that many newcomers get confused with the term "depeg." In reality, it's simple — it happens when a stablecoin becomes detached from the asset it was pegged to. Usually, that's the dollar, but the essence is the same.

Let's take USDT. Tether promises that one token is always worth exactly one dollar. It sounds straightforward, but it only works because people believe that the company actually holds an equivalent amount of real money. If Tether Limited suddenly can't guarantee this — a depeg will occur. The token's price will drop, and people will start panicking.

History has several notable examples. In 2022, there was a high-profile depeg with UST from Terra. It was an algorithmic stablecoin, and when problems began, it simply collapsed. People lost huge sums. It was one of the most painful moments in crypto history.

Then in 2023, we saw a wave of uncertainty. In March, especially tense times were with BUSD and USDC. Under pressure from rumors and fears, these stablecoins temporarily lost parity with the dollar. Not drastically, but noticeably. This showed that even supposedly reliable tokens can experience stress.

Interestingly, throughout 2023, it became clear that the stability of many leading stablecoins on the market started to decline. People became more cautious about which ones to choose. Now, when selecting a stablecoin, you need to look not only at the name but also understand what is truly backing it. Depeg is not just a word — it's a real risk that must be considered.