Crypto飞哥
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The Decoupling of Stablecoins in the Past Five Years
• USDT (2022.5.12): The collapse of UST affected USDT, dropping to a low of 0.9663, recovering within a day. The issue was market confidence.
• USDC (2023.3.11): SVB's explosion, Circle's $3.3 billion reserves were locked, USDC dropped to a low of 0.87, stabilizing after the Federal Reserve's intervention. (2024.1.3): ETF rumors triggered a sell-off, dropping to 0.74 on Binance in an instant, recovering within 11 minutes.
• UST (2022.5.7-12): The myth of algorithmic stablecoins shattered, an $85 million sell order triggered a chain reaction, ultimately going to zero.
• FDUSD (2025.4.2): A single comment from Sun Ge led to FDUSD dropping to a low of 0.87, Binance group friends managed to salvage it to 0.98.
Many people think stablecoins are pegged to the US dollar, but in reality, most stablecoins are pegged to the traffic and clearing systems of major exchanges.
• Without Binance's promotion, FDUSD would hardly be used.
• Without the support of Coinbase and Binance, USDC's market share has been declining.
The core of stablecoins is not the US dollar, decentralization, or regulation, but whether they can become the 'default settlement tool' of major exchanges or build their own clearing network.
• USDT (2022.5.12): The collapse of UST affected USDT, dropping to a low of 0.9663, recovering within a day. The issue was market confidence.
• USDC (2023.3.11): SVB's explosion, Circle's $3.3 billion reserves were locked, USDC dropped to a low of 0.87, stabilizing after the Federal Reserve's intervention. (2024.1.3): ETF rumors triggered a sell-off, dropping to 0.74 on Binance in an instant, recovering within 11 minutes.
• UST (2022.5.7-12): The myth of algorithmic stablecoins shattered, an $85 million sell order triggered a chain reaction, ultimately going to zero.
• FDUSD (2025.4.2): A single comment from Sun Ge led to FDUSD dropping to a low of 0.87, Binance group friends managed to salvage it to 0.98.
Many people think stablecoins are pegged to the US dollar, but in reality, most stablecoins are pegged to the traffic and clearing systems of major exchanges.
• Without Binance's promotion, FDUSD would hardly be used.
• Without the support of Coinbase and Binance, USDC's market share has been declining.
The core of stablecoins is not the US dollar, decentralization, or regulation, but whether they can become the 'default settlement tool' of major exchanges or build their own clearing network.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
