Stablecoin Depeg Events: A Dated Case Register

What this register is

This page is the site’s register of stablecoin depeg events. It records four cases: Terra’s UST in May 2022, USDC in March 2023, FDUSD in April 2025, and USDe in October 2025. Each row in the table above states its own date and source. Past events do not change. The register adds rows only when a new event clears its inclusion bar.

The register is a record, not an explanation service. It states what traded where, at what reading, on what date. The risk pages carry the general subject. The term definition defines the word.

How to read a depth row

Every price magnitude in this register names its feed, venue, or pair. That rule is absolute. A bare number like 87 cents means nothing without its source, because different feeds printed different prices at different moments of the same event.

The March 2023 USDC trough is the worked example. The verified readings differ, and the register keeps them apart.

Reading	Value	Basis
Federal Reserve note text	86 cents	hourly data
Federal Reserve note chart	about 90 cents	lowest hourly open, footnote 9 convention
CoinMarketCap feed per Chainalysis	0.87 dollars	by 2am on 11 March 2023
Banked press range	0.87 to 0.88 dollars	11 to 12 March 2023

The readings differ by feed and by moment. Here are the ones this register verified. None is averaged into the others ^{[1] [5]}.

The USDe case carries the same discipline across venues. On 11 October 2025 USDe printed 0.65 dollars on Binance against the USDE/USDT pair, while Aave oracles held a hardcoded 1 dollar ^[8]. Both prices were real where they printed. Copy that names one without the other tells half the event.

The four cases in brief

UST, May 2022. The peg broke on the night of 7 May after Curve 3pool liquidity shallowed and large UST to USDC swaps ran. One trader swapped 85M UST for USDC. Another swapped 100M more in four 25M pieces the next hour ^[4]. Supporters moved 480M dollars of USDT in over three days to defend the peg. It was lost for good on 10 May ^[4]. The value destroyed across UST and LUNA was measured at 40 to 50 billion dollars, a range the register never averages ^[4]. Demand had concentrated in Anchor at 19.5 percent APY, holding 72 percent of all UST by mid-April ^[4]. A seven-wallet counter thesis exists from Nansen, relayed and labeled as such. A widely repeated 375M UST two-address claim was not found in credible sources and is not citable.

USDC, March 2023. SVB failed on 10 March after more than 40 billion dollars of single-day withdrawals. Circle announced that 3.3 billion dollars, about 8 percent of USDC reserves, was stuck there ^[1]. The issuer’s 12 March statement described the reserves as 77 percent short-dated T-bills and 23 percent cash ^[2]. The peg recovered on approximately 13 March after the joint federal full-protection announcement ^[1]. By 15 March Circle reported 3.8 billion dollars redeemed and 0.8 billion minted since Monday ^[3]. Issuer statements are issuer voice, logged as captured, and are not verification.

FDUSD, April 2025. A Justin Sun post alleging First Digital was effectively insolvent triggered the drop on 2 April ^[6]. About 25.8 million dollars of redemptions were honored in the following days, Etherscan-verified ^[7]. The issuer entity is FD121 (BVI) Limited, distinct from the site operator and the custodian, and the monthly reports carry a Draft label. Supply contracted from 1.31 billion dollars in July 2025 to 351.6 million in July 2026 per the register’s monitor, batch-2 pulls read 11 September 2026. Related Hong Kong litigation between Techteryx and First Digital Trust continues; the February 2025 decision granted a stay in favor of arbitration ^[9]. No legal conclusion is drawn here.

USDe, October 2025. A tariff announcement drove more than 19 billion dollars of liquidations in 24 hours, a single-source figure the register flags as thin ^[8]. USDe printed the venue split described above and recovered the same day. The issuer’s statement, press-carried, said mint and redeem functionality remained operational throughout and that USDe remained overcollateralized ^[8].

What is deliberately absent

Three silences are findings. NuBits and Iron Finance rows failed the inclusion bar and are absent. The 375M UST claim is absent because it could not be located in credible sources. And the word collapse is reserved for UST-class events. The FDUSD contraction is a wind-down with redemptions processing, not a collapse.

When did UST depeg?

The peg broke on the night of 7 May 2022, per the trade-level reconstruction ^[4]. It was temporarily defended for roughly three days and lost for good on 10 May 2022 ^[4].

What caused the USDC depeg in March 2023?

A bank failure, not a token design failure. SVB held 3.3 billion dollars of the USDC reserve, about 8 percent ^[1]. Holders sold on the exposure news. The readings in the table above show how deep the selling ran by feed. The joint federal announcement on 12 to 13 March closed the episode ^[1].

If USDT crashes, what happens to other stablecoins?

No documented case exists in this register, and it does not predict one. The closest documented event is the March 2023 contagion row. DAI traded off its peg through the Peg Stability Module with no direct SVB exposure, USDP traded low near 91 cents, and GUSD near 96 cents ^[1]. That is one attributed episode. It is not a forecast.

Do stablecoins ever lose value?

Yes, and the register above is the record. Every major case in it is dated, sourced, and attributed to its feed or venue. Brief intraday deviations also happen outside these cases. This register records sustained departures that cleared its bar, in the term’s sense.

Where this page sits

The stablecoins hub frames the token class. The safety framework page covers how to read issuer risk. The USDe token page carries that token’s current facts. Every figure above carries its source and date.