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Depeg

When a stablecoin loses its target value — for example, a USD-pegged stablecoin trading at $0.90 instead of $1.00. Depegs can be brief (caused by liquidity stress) or permanent (caused by a broken mechanism or lost reserves).

Mike Starr

Founder, CryptoWizardTools · M.S. Organizational Management

Last reviewed: August 2026

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How Stablecoins Work

Related Terms

Stablecoin

A cryptocurrency designed to maintain a stable value by pegging it to a reserve asset such as the US Dollar. Examples include USDT, USDC, and DAI.

USDC

USD Coin — a major US-dollar-pegged stablecoin issued by Circle. Each USDC is backed 1:1 by reserves of cash and short-term US government bonds. USDC is widely used in trading, DeFi, and payments.

USDT

Tether — the largest US-dollar-pegged stablecoin by market cap, issued by Tether Limited. USDT is backed by reserves of cash, cash equivalents, and other assets. Its reserve transparency has historically drawn scrutiny.

Algorithmic Stablecoin

A type of stablecoin that maintains its peg not through direct collateral reserves, but through software algorithms that automatically expand or contract the token supply in response to price changes. Unlike asset-backed stablecoins, algorithmic models are considered higher risk.

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