Depeg history
Every episode where a pegged dollar token sat further than 0.5% from $1.00 for at least one daily snapshot, plus a curated, sourced archive of the historically significant episodes journalists and researchers cite most. Episodes stay listed after recovery, because the useful question is usually how long the last one took, not whether one is running today.
Archive v1.0.0, last updated 2026-08-20. Live deviations are on the depeg tracker
Off peg right now
| Asset | Started | Recovered | Days | Worst deviation | Market cap |
|---|---|---|---|---|---|
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Episodes per year
11 curated episodes recorded from 2018 to 2023.
- 12018
- 12021
- 52022
- 42023
Historical episode archive
| Asset | Started | Ended | Days | Trough | Max deviation | Cause | Resolution | Sources |
|---|---|---|---|---|---|---|---|---|
| USDR Real USD | 2023-10-11 | Never recovered | 1 | $0.500 | −50.0% | A bank run drained USDR's liquid stablecoin reserves faster than its real-estate-backed collateral could be liquidated, forcing a mismatch. | The protocol paused redemptions and restructured; holders were left with a mix of DAI and illiquid real-world-asset tokens rather than a full par recovery. | |
| DAI Dai | 2023-03-11 | 2023-03-13 | 2 | $0.900 | −10.0% | DAI is partly collateralized by USDC; when USDC depegged after the SVB closure, DAI followed proportionally to its USDC exposure. | Recovered in lockstep with USDC once the SVB depositor guarantee was announced. | |
| USDC USD Coin | 2023-03-10 | 2023-03-13 | 3 | $0.870 | −13.0% | Circle disclosed $3.3B of its reserves were held at Silicon Valley Bank, which regulators closed on 10 March 2023, raising doubt over redemption. | The FDIC, Treasury and Federal Reserve guaranteed all SVB depositors on 12 March 2023, and Circle confirmed the funds were safe, restoring the peg by 13 March. | |
| BUSD Binance USD | 2023-02-13 | 2024-02-15 | 367 | $1.000 | 0.0% | The NYDFS ordered issuer Paxos to stop minting new BUSD on 13 February 2023 following an SEC Wells notice; this was a regulatory wind-down, not a peg failure. | BUSD held its $1.00 peg throughout; Paxos and Binance managed an orderly redemption program, phasing out BUSD support through February 2024. | |
| USDD USDD | 2022-11-05 | 2023-02-01 | 88 | $0.930 | −7.0% | USDD's TRON-based algorithmic/collateral hybrid model came under pressure amid broad crypto risk-off sentiment following the FTX collapse. | The Tron DAO Reserve used its BTC/TRX/USDT reserves to defend the peg over several months, gradually restoring it by early 2023. | |
| aUSD Acala USD | 2022-08-14 | 2022-08-16 | 2 | $0.008 | −99.0% | A misconfigured liquidity pool in a newly deployed Acala swap contract was exploited to mint roughly 1.28 billion aUSD without collateral. | Acala's validators voted to freeze and burn the erroneously minted tokens; the peg recovered once the exploited supply was removed. | |
| USDT Tether | 2022-05-11 | 2022-05-13 | 2 | $0.950 | −5.0% | Contagion from the Terra/UST collapse (May 2022) triggered broad stablecoin redemptions and risk-off selling across the market. | Tether redeemed roughly $7B in 48 hours at par, and the price returned to $1.00 as redemptions proved orderly. | |
| UST TerraUSD | 2022-05-07 | Never recovered | 7 | $0.020 | −98.0% | UST's algorithmic peg to LUNA broke under large coordinated withdrawals from the Anchor Protocol and a death spiral of LUNA minting/burning. | Never recovered; UST and LUNA collapsed to near zero by mid-May 2022 and Terra's mainnet was later relaunched without the stablecoin mechanism. | |
| USDN Neutrino USD | 2022-04-04 | Never recovered | 240 | $0.820 | −18.0% | USDN's peg was backed largely by WAVES, its own ecosystem token; concentrated WAVES holdings made the collateral vulnerable to reflexive price pressure once redemptions began. | USDN never durably returned to $1.00 and was later restructured; it traded persistently below peg through 2022–2023. | |
| IRON Iron Finance | 2021-06-16 | Never recovered | 1 | $0.000 | −100.0% | IRON's partial-collateral, partial-algorithmic (TITAN) design entered a bank run when large holders redeemed simultaneously, crashing the TITAN backing asset to zero within hours. | Never recovered; the protocol shut down. Often cited as crypto's first large algorithmic-stablecoin "bank run," a preview of Terra/UST a year later. | |
| USDT Tether | 2018-10-15 | 2018-10-19 | 4 | $0.920 | −8.0% | Rumors that Tether's banking relationship with Noble Bank was breaking down, alongside long-running doubts about reserve backing, drove exchange sell-offs. | Tether processed large redemptions without failure and the price recovered within days as banking concerns eased. |
Methodology & changelog
What counts as an episode: a pegged dollar token trading further than 0.5% from its $1.00 target (i.e. below $0.995 or above $1.005) for at least one daily snapshot. Consecutive off-peg days form a single episode.
Duration: measured in whole days from the first day the deviation crossed 0.5% to the first day it returned inside the corridor; ongoing episodes show no end date and are marked "Ongoing" or "Never recovered".
Two data sources, one archive: the "Off peg right now" table above is generated automatically from daily snapshots (see the live tracker). The historical archive below it is curated and sourced by hand from issuer statements, regulators and reputable coverage, and only covers episodes we can verify with confidence — it is not auto-generated.
Archive version 1.0.0, last updated 2026-08-20.
- 2026-08-20 — Initial publication of the curated depeg archive: 12 episodes from 2018–2023 with sourced trough prices and durations.