Share this article
DAI Depegs to Lifetime Lows as Stablecoin Rout Plagues Crypto
MakerDAO’s decentralized stablecoin hit an all-time low of 88 cents in Asian afternoon hours on Saturday.
By Sam Reynolds
Updated Mar 13, 2023, 3:33 p.m. Published Mar 11, 2023, 10:24 a.m.
As the market continues to digest the impact of the sudden collapse of tech-focused Silicon Valley Bank, days after Silvergate went into voluntary liquidation, algorithmic stablecoin DAI has been knocked off its peg and has hit an all-time low of 88 cents.
- DAI is currently trading at 90 cents, according to CoinGecko data.
- DAI is an algorithmic stablecoin that is collateralized by holdings from MakerDAO, which include USDC. Traders are speculating that Circle, which issues USDC, has worse exposure to Silicon Valley Bank than the $3.3 billion of the $40 billion backing USDC it disclosed.
- On-chain data from Dune shows that $563 million of DAI was burnt in the last 24 hours. In total, the stablecoin has a market cap of $4.9 billion.
- Curve 3pool’s liquidity pool has also been hit as traders flee USDC. As of Saturday afternoon Hong Kong Time, the pool’s share of USDT has shrunk to less than 1.5%. Earlier this week it was split evenly among USDT, USDC and DAI, as is supposed to occur.
- Meanwhile, Tron’s USDD has also been knocked off its peg and is down to 93 cents. Tether remains pegged at $1.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
ICP Rises, Keeping Price Above Key Support Levels
Internet Computer rose, keeping the price above the $3.40 support zone, with early session volume spikes failing to produce a sustained breakout.
What to know:
- ICP rose 0.6% to $3.44 as early session volume surged 31% above average before fading.
- Resistance near $3.52–$3.55 rejected multiple breakout attempts, keeping the token range-bound.
- Support between $3.36–$3.40 held firm, maintaining ICP’s short-term higher-low structure.
Top Stories
