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Charts/Stablecoin Depeg History: USDT, USDC and DAI
Crypto indicator

Stablecoin Depeg History: USDT, USDC and DAI

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

Quick answer

Under THD's fixed event rule, the deepest observed deviations were USDT +6.2% on 2020-03-12 for 7 hours, USDC -9.8% on 2023-03-11 for 46 hours, DAI +12.9% on 2020-03-11 for 52 hours.

Stablecoin Depeg History: USDT, USDC and DAI
Stablecoin Depeg History: USDT, USDC and DAI underlying data rows. Showing 9 rows.
EventPeak deviationDurationSideStarted
DAI·2020-03·52h12.9%52 hourspremium2020-03-11
DAI·2020-03·70h9.3%70 hourspremium2020-03-14
USDT·2020-03·7h6.2%7 hourspremium2020-03-12
USDT·2021-10·21h4.5%21 hourspremium2021-10-26
USDC·2020-03·8h-5.3%8 hoursdiscount2020-03-17
USDT·2020-03·3h-5.4%3 hoursdiscount2020-03-20
USDC·2020-03·3h-5.6%3 hoursdiscount2020-03-20
DAI·2023-03·44h-9.5%44 hoursdiscount2023-03-11
USDC·2023-03·46h-9.8%46 hoursdiscount2023-03-11
Source: Dune · as of 2026-07-20 · theharddata.xyz
Last Updated: 2026-07-20

What you should know about this chart

  • Rule-qualified price-deviation events for three fixed Ethereum stablecoin contracts.

Measured here

  • 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.

Not answered here

  • 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.

Indicator facts

Rule-qualified price-deviation events for three fixed Ethereum stablecoin contracts.

Source
Dune prices_external.hour (Coinpaprika)
Last updated
2026-07-20
Update cycle
Event-driven reviewed refresh
Data through
2026-07-20
Last checked
2026-07-20
Date range
2020-01-01 to 2026-07-20
Unit
signed percent deviation from $1 and consecutive hours
Grain
qualified depeg event

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 current 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

What was the deepest observed event in this dataset?

DAI reached +12.9% relative to $1 on 2020-03-11 under the fixed THD event rule.

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.

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The Hard Data publishes research context and chart evidence for informational use only. It does not provide investment advice, trading signals, or paid market promotion.

CHART PAGE // source-visible artifact and method attached.
Source = Dune prices_external.hour (Coinpaprika)Data through = 2026-07-20Updated = 2026-07-20