DEPEG EVENT HISTORY
Forensic analysis of major stablecoin depegging events
EVENTS TRACKED6 major82+ failed stablecoins in full database
TOTAL LOSSES$62B+Across all major depeg events
MOST COMMON CAUSEAlgorithmic failureReflexive token backing
AVG RECOVERY TIME~3 daysFor recoverable events
EVENT TIMELINE
Jun 2021Iron Finance / TITANTOTAL LOSS$0.00v
May 2022UST / LUNATOTAL LOSS$0.00v
Mar 2023USDC Silicon Valley Bank DepegMODERATE$0.878v
Mar 2023DAI CascadeMODERATE$0.897v
Jun 2022 - ongoingUSDDLOW$0.97v
Apr 2025FDUSD Brief DepegLOW$0.978v
PATTERN RECOGNITION
1.
Algorithmic stablecoins with reflexive token backing have a 100% failure rate at scale
2.
Fiat-backed stablecoins depeg from banking counterparty risk, not reserve quality
3.
Recovery is possible when the underlying collateral is intact -- the question is always whether reserves are real
Sources: On-chain data, CoinGecko, DeFi Llama, public incident reportsClick events to expand