51 stablecoins · distance from peg
Stablecoin depeg board
The coins that are supposed not to move, drawn against the thing each one promises to track. Size is market cap — how much money is sitting in the promise — and colour is how far the price is from the peg right now, not how far it moved today.
22of 50
holding their peg right now
-48.90%USDR
the furthest off its peg right now
holds its peg, within 0.1% off peg, 0.1% 2% or more size is market cap
01 The set
What is on this board
Every coin in the top 1,000 that the data flags as a stablecoin, drawn against the thing it says it tracks. The top 1,000 holds 54 of them, and 51 are drawn here. Together they are $285.9B — that figure is the reason the board is worth drawing, because it is not a bet on a price going up, it is money parked in a promise.
Colour here is not a price change. On every other board on this site colour is how far a coin moved and green is up. On this one it is how far the coin is from its peg, in one hue, with no green anywhere: a stablecoin trading above the thing it tracks is not doing well, it is doing the same thing as one trading below — not tracking. Grey means inside a tenth of a per cent, which is the band this page calls holding.
Not everything pegged to a dollar is pegged to a dollar. Of the 51 here, four track the euro, one tracks the pound, one tracks the yen and one tracks the Singapore dollar. Those are measured against their own currency, using the reference rates the API ships with the prices. That rate is refreshed once a day, so a fraction of a per cent on one of these coins can be the reference moving rather than the coin — worth knowing before reading a euro stablecoin as slightly broken. XSGD is pegged to a currency the API does not carry a rate for, so it is drawn grey and left out of the count above — unmeasured rather than fine.
Three coins the data flags as stable are not on the board. USDY accrues yield into the price rather than holding a peg, vBUSD a lending-protocol receipt token, priced at a fraction of the deposit by design and AMPL rebases: supply changes daily and the price is meant to move. None of them is trying to hold a peg, so drawing them here would put the loudest tiles on the board on the coins with nothing to report.
02 Off peg
Furthest from the peg right now
▼ Below peg
| Coin | Price | Off peg | Volume |
|---|---|---|---|
| USDRStablR USD | $0.5110 | -48.90% | $1,082 |
| SUSDsUSD | $0.5152 | -48.48% | $22,718 |
| EURREURStablR Euro | $0.9455 | -18.32% | $81 |
| FRAXLegacy Frax Dollar | $0.9924 | -0.76% | $402,803 |
| USDQQuantoz USDQ | $0.9947 | -0.53% | $1M |
| USDKUSDK | $0.9950 | -0.50% | $0 |
▲ Above peg
| Coin | Price | Off peg | Volume |
|---|---|---|---|
| GYENJPYGYEN | $0.00639 | +1.96% | $52 |
| EURIEUREurite | $1.1673 | +0.84% | $19M |
| EURCEUREURC | $1.1672 | +0.84% | $46M |
| EURCVEUREUR CoinVertible | $1.1670 | +0.82% | $12M |
| LUSDLiquity USD | $1.0054 | +0.54% | $49,445 |
| USDBUSDB | $1.0052 | +0.52% | $26,734 |
There is no volume floor on these tables, and that is the one rule this page breaks with every other board here. Elsewhere a coin has to trade $10M in a day before it can appear in a movers table, because without that the top of a gainers list is whoever bought a few thousand dollars of something nobody else wanted. Here the coin trading almost nothing is the finding: a stablecoin is a promise you can get your dollar back, and a market where nobody will take the other side is how that promise stops being worth anything. So the volume column stays, and it is the second thing to read after the percentage — a large deviation on a coin trading nothing may be a stale quote rather than a market, and both of those are worth knowing.
03 Background
What is a stablecoin, and what makes one break?
A stablecoin is a token that promises to be worth something else — almost always one dollar. It exists because the rest of crypto does not hold still: to take profit, price a trade, or sit out a week without leaving the chain, you need something on the chain that does not move. That is the entire job, and it is why these coins are the plumbing rather than the product.
The promise is kept in one of three ways, and they fail differently. Which kind a coin is matters more than its size, and the board cannot show it.
Backed by reserves. A company holds dollars and short-term government debt, issues tokens against them, and redeems tokens for dollars. The peg holds because someone will always buy a cheap token to redeem it at a full dollar. What breaks it is the reserve not being what it was said to be, or redemption being suspended, or the bank holding the cash failing — which is not a crypto event at all, and has happened.
Backed by other crypto. Deposit more value than you take out, in coins that move, and mint against it. There is no company and no bank, but the collateral falls exactly when everyone wants out, and the design has to sell it fast enough. When that machinery jams, the token goes to a discount and stays there.
Backed by nothing. An algorithm mints and burns a second token to push the price back to a dollar. This works while people believe it will work and stops the moment they stop, because the thing supporting the price is the price. The largest failure in the sector's history was one of these, and it went from a peg to nothing in about three days.
A discount is a probability, not a price. When one of these trades at 95 cents, the market is not saying the dollar is now worth 95 cents. It is saying there is some chance the dollar never comes back, and pricing it. That is why the number on this board is worth watching in a way an ordinary price is not: for most assets a fall is an opinion about the future, and here it is a vote on whether the thing is what it claims to be.
Small numbers matter here and nowhere else on this site. A tenth of a per cent is invisible on the whole-market board — coins move that much between page loads. On this board it is the whole scale, which is why the colour saturates at 2% instead of the 10% the 24-hour view uses. Read the board with that in mind: it is a microscope, and a microscope makes ordinary things look dramatic.
One thing it cannot tell you: nothing here is a judgement about whether a coin will keep its peg tomorrow. It is a reading of what the market paid a few minutes ago, and pegs have held for years at a discount and broken from a perfect dollar in an afternoon.
04 The app
The market these are the plumbing for
This page is one fixed slice, and a narrow one: the coins that are supposed not to move, measured against what they promise. The app it was cut from carries all 1,000 coins — the ones that do move — with the filters, the periods and the currencies this page has no room for. Free, no ads, no account, and it runs in a browser tab as well as on a phone.
Open the full board →