Circle’s USDC has not been immune from the volatility either as redemptions topped $1 billion. The stablecoin fell to $0.977 very briefly yesterday but rapidly regained its peg according to CoinGecko.
TrueUSD redemptions barely surpassed $1 million, Moreno noted, but that didn’t prevent a de-pegging to $0.98 yesterday. The Paxos USDP stablecoin dropped as low as $0.96 as redemptions hit $100 million, he noted. There was some volatility for the Binance stablecoin, BUSD, on the Gemini exchange resulting in a brief dip to $0.98.
Tron’s algorithmic USDD stablecoin is still way off its peg, currently trading at $0.973 according to CoinGecko. It fell as low as $0.952 yesterday at peak volatility. Concerns over the collateral backing the stablecoin are rising as Tron’s TRX token, which is used to redeem USDD, has tanked 12% since the beginning of the week. Justin Sun alsoThe de-pegging incidents coincided with a slew of stablecoins leaving the FTX exchange on Nov. 10.A total of 99 transfers were made, with $4,433,330 stablecoins.
It's just the beginning, when everything related to FTX clears up, that's when it hurts