Depeg

Stablecoin and peg failures

When stablecoins and pegged assets lost their target. Mechanism failures, contagion effects, aftermath. 3 records.

• April 13, 2025·resolved

  Mantra OM Token Crash — April 2025

  The OM token, native asset of the Mantra Chain, lost approximately 90 percent of its market value over the course of a few hours on 13 April 2025. The team attributed the collapse to forced liquidations on offshore venues; on-chain analysts identified pre-event token movements from team-associated addresses.

  $5.50B
• March 10, 2023·resolved

  USDC Depeg — March 2023

  When Silicon Valley Bank was seized by US regulators on 10 March, Circle disclosed $3.3 billion of USDC reserves were stuck at the bank — and USDC traded as low as $0.87 over the weekend before federal backstop assurances restored the peg.

  $3.30B
• May 9, 2022·resolved

  Terra / UST Depeg — May 2022

  The third-largest stablecoin lost its dollar peg over four days, taking $40 billion in combined LUNA and UST market cap to zero.

  $40.00B