After the market's fall of 500 billion USD last week, NYDIG released a report showing that major stablecoins like USDC, USDT, and USDe (Ethena) lost their peg to 1 USD during the market panic. Greg Cipolaro, NYDIG's research director, emphasized that the “fixed 1 USD level” is merely an illusion—stablecoins are essentially trading assets, fluctuating around 1 USD due to arbitrage activity.
On Binance, USDe fell to 0.65 USD, while other stablecoins temporarily exceeded 1 USD due to a lack of liquidity. NYDIG explained that issuers like Circle and Tether maintain the price through a mint-burn mechanism, but this system can break down when the market is under stress. Nonetheless, lending platforms like Aave remain robust, only liquidating 0.25% of the total locked value. NYDIG concluded: stablecoins are not a safe “digital dollar”, but rather market instruments that are subject to liquidity and sentiment risks.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
