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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.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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