Stablecoins' $1 Peg Is a 'Misconception,' Says NYDIG After $500 Billion Market Meltdown

NYDIG is calling time on what it says is one of crypto’s most persistent myths: that stablecoins are pegged to the U.S. dollar. In a post-mortem on last week’s $500 billion crypto market sell-off, the bitcoin-focused financial services firm’s Global Head of Research Greg Cipolaro pointed to the instability of supposedly stable assets like USDC, USDT and Ethena’s USDe, which dropped as low as $0.65 on Binance. The price swings revealed that these tokens don’t operate on fixed pegs, but rather that they fl ...