Why are stablecoins decoupling?

Summary

• Stablecoins use a "peg" mechanism to maintain a stable price.

• Stablecoins can be collateralized (backed by fiat currencies, cryptocurrencies, or commodities) or uncollateralized (regulated by algorithms).

• Historical examples such as UST in 2022, USDC and DAI in 2023, and USDR in 2023 all illustrate the fragility and complexity of maintaining pegs.

What is stablecoin peg?

Stablecoin is a cryptocurrency asset with a relatively stable value. Cryptocurrency prices are often volatile, and stablecoins are specifically created to hedge against price fluctuations.

Stablecoins use “pegs” to maintain stability. A "hook" is like an anchor of value. Just as countries may anchor value to another country’s currency to maintain the stability of their currencies, so too can stablecoins. Many stablecoins, such as USDT and DAI, aim to be equivalent to US$1.

What impact will the decoupling of stablecoins have?

When a stablecoin can no longer be traded at its intended pegged value, it is called a “decoupling event.” Stablecoins have come to great effect over the years, with daily trading volumes now reaching billions of dollars.

This is why decoupling events could have far-reaching consequences. We will examine historical examples of stablecoin decoupling later. Before that, let’s take a look at how stablecoins control their pegs.

How does a stablecoin maintain its peg?

Stablecoins are generally divided into two categories – collateralized stablecoins and uncollateralized stablecoins.

1. Collateralized Stablecoins

Most stablecoins currently in circulation are collateralized stablecoins, which means that their value is backed by other assets. Such stablecoins must be backed or “collateralized” by fiat currencies, other cryptocurrencies, or commodities such as gold. In this case, each stablecoin issued should theoretically have a corresponding asset as a reserve.

The specific mechanism is as follows:

• Fiat currency collateral: Every token in circulation should be backed by an equal amount of fiat currency, such as the US dollar. Therefore, every stablecoin issued should be redeemable for the underlying asset. FDUSD and USDT are fiat-backed stablecoins.

• Cryptocurrency Collateralization: This type of stablecoin is over-collateralized by one or a basket of crypto assets. That is, the cryptocurrency held as collateral is worth more than the stablecoin, providing a buffer against potential price fluctuations. DAI and crvUSD are cryptocurrency-collateralized stablecoins.

• Commodity mortgage: This type of stable currency anchors the price of gold and other commodities. Such tokens may serve as a hedge against inflation or commodity risks. Pax Gold (PAXG) is a commodity-collateralized stablecoin backed by gold.

Note: While stablecoin projects often make claims about their reserves and peg mechanisms, the verifiability and accuracy of such claims may vary. Therefore, it is important to exercise caution and know that collateral levels may not always be 100% consistent with their stated levels.

2. Uncollateralized Stablecoins

Uncollateralized stablecoins (also known as algorithmic stablecoins) use coded algorithms and smart contracts to automatically adjust their supply based on market demand, ensuring that the price of the stablecoin remains close to its pegged level.

If the price falls below the value of the fiat currency it tracks, the algorithm will reduce its circulating supply to push the price back up. Conversely, if the price is higher than the value of the fiat currency, new tokens will be put into circulation, reducing the value of the stablecoin. TerraUSD (UST) is an algorithmic stablecoin.

So what will be the impact when these stablecoins decouple and trade below market cap? Let's look at some examples.

Historical examples of stablecoin decoupling

The following are some unforgivable stablecoin decoupling events.

May 2022 - UST

In May 2022, the cryptocurrency space experienced a historic event when Terra’s UST stablecoin lost its peg. Before this incident, Terra’s native token LUNA was the eighth largest token in the world, with a market value of $40 billion. The decoupling left UST and LUNA virtually worthless, triggering a “crypto contagion effect,” a chain reaction that caused numerous Terra-related crypto projects and businesses to face significant losses. During this volatile period, other stablecoins such as Tron’s USDD and Near Protocol’s USN have also temporarily decoupled before returning to parity.

March 2023 - USDC and DAI

In March 2023, due to the collapse of three banks, Silicon Valley Bank (SVB), Signature Bank and Silvergate Bank, the two leading stablecoins USDC and DAI decoupled. USDC issuer Circle revealed that $3.3 billion in cash used to collateralize stablecoins was stored in SVB, causing USDC to temporarily decouple and fall by more than 12% in one day.

DAI也经历了价值波动，主要是因为当时其抵押品储备金中有一半以上都和USDC及其相关工具挂钩。不过当美联储宣布将支持银行的债权人时，情况趋于稳定，USDC和DAI各自回到了挂钩状态。 

事件发生后，这两种稳定币都调整了其储备构成，USDC主要将其现金储备存放在纽约梅隆银行，DAI将其储备分散到多种稳定币中，并增加其现实世界资产的持有量。

2023年10月 - USDR

USDR，即Real USD，是由Tangible（其原生代币为TNGBL）于2022年发行的稳定币。该稳定币与美元挂钩，旨在将代币化房地产和DAI稳定币的组合作为抵押品。 

USDR还有一个自动再抵押机制，从租户处收取的租金收益的一半会自动转入金库。这原本应该是挂钩稳定机制。不幸的是，尽管采取了这些稳定措施，USDR还是于2023年10月11日脱钩。

当时发生的事件：

• 10月11日，USDR赎回请求激增，总额最终达1,000万USDR。

• 此次大规模的赎回请求用尽了USDR金库中的所有流动性DAI稳定币储备。

• 由于剩余的抵押品是流动性不足的代币化房地产储备，因此Tangible团队无法立即满足赎回请求。

• 随着代币脱钩，这种紧急的流动性紧缩会导致USDR持有者产生恐惧、不确定与怀疑(FUD)情绪。

据独立研究人员和USDR社区成员称，USDR用作抵押品的代币化房地产使用的是ERC-721代币标准，该标准的灵活性不如常用的ERC-20代币。由于ERC-721代币无法轻易拆分，因此很难及时赎回。

结语

在动荡的加密货币世界中，稳定币所保证的稳定性一直是投资者的重要避风港。然而，过去的事件已经证明，这些稳定币无法完全规避挑战。UST和USDR的大规模脱钩事件表明，稳定币也容易受到外部金融压力和固有的设计缺陷的影响。与投资金融市场上的任何其他产品一样，在承担风险前，请务必自己做好研究。

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