Stablecoin Depeg History: USDT, USDC and DAI

USDT, USDC, and DAI Ethereum contracts since 2020-01-01.

Quick answer

The reviewed source identified 404 rule-qualified asset-level events for three fixed Ethereum contracts from Jan 1, 2020 through Jul 20, 2026; this is a source- and rule-specific count, not a market-wide depeg frequency. The public chart displays 9 rows across 7 event dates. The deepest displayed event was DAI, 12.91% above $1 on Mar 11, 2020, and the longest displayed event lasted 70 hours (DAI).

Stablecoin Depeg History: USDT, USDC and DAI underlying data rows. Showing 9 rows.
Event	Peak deviation	Duration	Side	Started
DAI · Mar 11, 2020 · 52h	12.9%	52 hours	premium	Mar 11, 2020
DAI · Mar 14, 2020 · 70h	9.3%	70 hours	premium	Mar 14, 2020
USDT · Mar 12, 2020 · 7h	6.2%	7 hours	premium	Mar 12, 2020
USDT · Oct 26, 2021 · 21h	4.5%	21 hours	premium	Oct 26, 2021
USDC · Mar 17, 2020 · 8h	-5.3%	8 hours	discount	Mar 17, 2020
USDT · Mar 20, 2020 · 3h	-5.4%	3 hours	discount	Mar 20, 2020
USDC · Mar 20, 2020 · 3h	-5.6%	3 hours	discount	Mar 20, 2020
DAI · Mar 11, 2023 · 44h	-9.5%	44 hours	discount	Mar 11, 2023
USDC · Mar 11, 2023 · 46h	-9.8%	46 hours	discount	Mar 11, 2023

Last checked: Jul 20, 2026

Claim boundary

Read the claim in scope

The chart is evidence for the observations below, within its stated source, denominator, and date range.

What this chart shows

Compare the depth and duration of observed USDT, USDC, and DAI price deviations under one fixed event rule.
Report rule-specific event counts, direction, duration, and whether the next hourly observation returned inside the band.
Identify the deepest observed events in the reviewed Coinpaprika-backed hourly price history.

What it does not establish

This does not predict which stablecoin will depeg in the future or rank stablecoin safety.
It does not prove reserve quality, solvency, redemption capacity, liquidity, regulation, or investment risk.
Coinpaprika-backed hourly prices do not represent every venue or a specific user's execution price.
Price deviations alone do not identify their cause, and the three Ethereum contracts do not represent all stablecoins or chains.

Scope noteThese are source- and rule-specific historical price deviations, not a stablecoin safety ranking or future-risk prediction.

What you should know about this chart

The chart displays 9 selected event rows across 3 tracked stablecoins through Jul 20, 2026.

Event context

What was happening around the largest deviations?

These notes add independently sourced context around the charted dates. They do not prove that one event caused a price move.

March 2020: DAI traded above $1 during market stress

Observed: The deepest DAI premium in this dataset reached +12.9% on March 11 and remained part of a 52-hour rule-qualified event.

Context: During the same market-stress window, ETH fell sharply and Ethereum became congested. Glassnode's reconstruction of MakerDAO reports delayed price updates, liquidation stress, zero-bid auctions, and about $4.5 million of unbacked DAI. This is surrounding context, not proof of a single cause for the observed premium.

Sources: Glassnode: What Really Happened to MakerDAO

March 2023: USDC and DAI discounted together

Observed: USDC reached -9.8% in a 46-hour event on March 11; DAI reached -9.5% in a 44-hour event beginning the same day.

Context: California's financial regulator closed Silicon Valley Bank on March 10 and the FDIC was named receiver. Circle disclosed that $3.3 billion of USDC reserves had been held there. Federal Reserve research also documents DAI's one-for-one USDC conversion mechanism and describes the two assets as depegging in a strikingly similar pattern. These links explain why the dates merit comparison, but price data alone cannot isolate causality.

Sources: FDIC: Silicon Valley Bank closure · Circle: USDC reserve update · Federal Reserve: Stablecoin primary and secondary markets

Methodology

How this metric is calculated and what the denominator includes.

How this metric is calculated

An event begins when the fixed Ethereum contract price is at least 1% below or above $1 for two consecutive hourly observations. A one-hour event is retained only when the absolute deviation reaches 3%. Missing hours, a return inside the band, or a direction change ends the event. The board shows the three deepest observed events per asset from 2020-01-01 through 2026-07-20.

Fixed-date source snapshot. Read the displayed data-through date as the evidence date.

Frequently asked questions

How many events are included in this stablecoin depeg history?

How does this chart define a stablecoin depeg event?

It requires at least two consecutive hourly prices 1% or more below or above $1. A one-hour event is kept only when the absolute deviation reaches 3%.

Does this chart rank stablecoin safety?

No. It reports historical price events from one external hourly source and cannot establish reserve quality, solvency, liquidity, redemption capacity, or future depeg risk.