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Stablecoin peg monitor

Dollar stablecoins are meant to trade at exactly $1. This page tracks 17 of the largest, worth $284.16B combined, and flags any that drift from their peg.

Right now 1 is more than 0.5% away from $1.

Tracked
17
Combined value
$284.16B
Off peg
1
$0.995$0.9975$1.00$1.0025$1.005
USDTUSDCUSDSDAIUSDEUSD1USDGPYUSDRLUSDUSDDGHOTUSDFDUSDFRAXCRVUSDGUSD

Zoomed to half a cent either side of $1; the whole band shown here counts as on peg. Dot size follows market value.

StablecoinPriceDistance from $1StatusMarket capShare24h volume
TetherUSDT $0.9987
-0.13%		 On peg $178.89B 63.0% $44.82B
USDCUSDC $0.9993
-0.07%		 On peg $71.06B 25.0% $13.82B
USDSUSDS $0.9998
-0.02%		 On peg $9.59B 3.4% $172.70M
DaiDAI $0.9999
-0.01%		 On peg $4.52B 1.6% $192.05M
Ethena USDeUSDE $0.9981
-0.19%		 On peg $4.51B 1.6% $107.03M
USD1USD1 $0.9969
-0.31%		 On peg $3.86B 1.4% $562.27M
Global DollarUSDG $0.9999
-0.01%		 On peg $2.88B 1.0% $529.36M
PayPal USDPYUSD $0.9999
-0.01%		 On peg $2.70B 1.0% $88.01M
Ripple USDRLUSD $0.9998
-0.02%		 On peg $2.56B 0.9% $133.15M
USDDUSDD $0.9980
-0.20%		 On peg $1.50B 0.5% $10.25M
GHOGHO $0.9980
-0.20%		 On peg $697.59M 0.2% $15.73M
TrueUSDTUSD $0.9986
-0.14%		 On peg $493.84M 0.2% $7.78M
First Digital USDFDUSD $0.9962
-0.38%		 On peg $299.27M 0.1% $74.04M
Legacy Frax DollarFRAX $0.9901
-0.99%		 Slight deviation $217.01M 0.1% $161,183
crvUSDCRVUSD $0.9987
-0.13%		 On peg $156.01M 0.1% $16.43M
GUSDGUSD $0.9971
-0.29%		 On peg $149.36M 0.1% $170,013
Axis USDUSDX $0.9989
-0.11%		 On peg $67.12M 0.0% $893,383

Status: On peg within 0.5% of $1 · Slight deviation 0.5–2% · Depegged more than 2%. Small, brief deviations are normal on thin markets; a sustained move past 2% is worth investigating.

Why stablecoins lose their peg

A stablecoin holds its $1 price only while people trust they can redeem or swap it for a dollar's worth of assets. A peg can slip when reserves are questioned, when a bank or custodian holding reserves runs into trouble, when the collateral behind a crypto-backed stablecoin falls sharply, or when heavy selling overwhelms available liquidity. USDC briefly fell to about $0.88 in March 2023 when part of its reserves was stuck at Silicon Valley Bank, and recovered once access was confirmed.

Types of stablecoins

  • Fiat-backed (USDT, USDC, PYUSD, FDUSD): backed by cash and short-term government debt held by the issuer.
  • Crypto-backed (DAI, USDS): over-collateralised with other crypto assets locked in smart contracts.
  • Synthetic (USDe): kept near $1 using hedged derivatives positions rather than direct cash reserves.

Using this monitor

If you hold large balances in one stablecoin, spreading across two or three issuers reduces the impact of a single depeg. Check the issuer's reserve reports, and remember that a stablecoin on an exchange also carries that exchange's risk. See which exchanges are still active with our exchange status checker.

Why stablecoins sometimes slip

A stablecoin is a token designed to stay worth exactly one US dollar. Most are backed by cash and short-term government bonds held by the issuer; others use crypto collateral or trading mechanisms to hold the price.

In normal markets they trade within a fraction of a cent of $1. During stress, such as a bank failure, a large redemption wave or doubts about the reserves, a stablecoin can drift below its peg. This page shows how far each one is from $1 right now.

Each ruler is centred on $1. A dot near the middle means the coin is on peg; the further it sits from the centre, the larger the gap. Prices update live while the page is open.

Our labels

  • On peg: within 0.5% of $1.
  • Slight deviation: between 0.5% and 2% from $1.
  • Depegged: more than 2% away from $1.