{"slug":"stablecoin-peg","title":"Most stable stablecoin, live peg deviation across USDC, USDT and DAI","subtitle":"Live peg deviation in basis points across USDC, USDT and DAI, computed every minute from a liquidity-weighted median across Binance, Coinbase, Kraken, Bitstamp and Curve.","category":"Trading","metric":"Peg deviation","unit":"bps","status":"live","higherIsBetter":false,"filters":null,"value":0.193247,"leader":{"name":"DAI","slug":"dai","value":0.193247},"rankings":[{"name":"DAI","slug":"dai","ms":{"p50":0.193247,"p90":0.230223,"p99":0.252255,"mean":0.166321},"successRate":100,"sampleSize":7200.25},{"name":"USDC","slug":"usdc","ms":{"p50":1.9,"p90":2.5,"p99":2.5,"mean":1.98952},"successRate":100,"sampleSize":51836},{"name":"USDT","slug":"usdt","ms":{"p50":9.05,"p90":10.55,"p99":11.2,"mean":9.14083},"successRate":99.89580000000001,"sampleSize":51837}],"sparkline":[0.252255,0.252255,0.252255,0.252072,0.230223,0.230223,0.230224,0.230224,0.230222,0.230216,0.230091,0.230091,0.230088,0.230088,0.230151,0.224919,0.224919,0.224919,0.224919,0.224921,0.224921,0.211727,0.193473,0.193269,0.193269,0.193269,0.193269,0.193248,0.193247,0.193247,0.193247,0.193247,0.193235,0.193202,0.193202,0.192518,0.192813,0.192813,0.192712,0.192712,0.203467,0.203467,0.20346,0.200072,0.200072,0.18051,0.172768,0.130236,0.130233,0.130147,0.130148,0.13015,0.13015,0.130145,0.130271,0.0627678,0.0627679,0.0627679,0.0628346,0.174706,0.174708,0.121702,0.0626914,0.0629999,0.000921583,0.00396597,0.0533951,0.0336217,0.0338117,0.044248,0.0026668,0.0430568,0.0406243],"sampleSize":110873.25,"asOf":"2026-08-10T19:45:03.215Z","headline":"DAI leads peg deviation at 0.0019% (24h avg) on Most stable stablecoin, live peg deviation across USDC, USDT and DAI.","quote":"DAI leads peg deviation at 0.0019% (24h avg) on Most stable stablecoin, live peg deviation across USDC, USDT and DAI. Source: OpenChainBench (https://openchainbench.com/benchmarks/stablecoin-peg).","cite":{"plain":"OpenChainBench. \"Most stable stablecoin, live peg deviation across USDC, USDT and DAI\". Retrieved 2026-08-10. https://openchainbench.com/benchmarks/stablecoin-peg","bibtex":"@misc{ocb_stablecoin_peg,\n  author = {OpenChainBench},\n  title  = {Most stable stablecoin, live peg deviation across USDC, USDT and DAI},\n  year   = {2026},\n  url    = {https://openchainbench.com/benchmarks/stablecoin-peg},\n  note   = {Retrieved 2026-08-10}\n}","apa":"OpenChainBench. (2026). Most stable stablecoin, live peg deviation across USDC, USDT and DAI. Retrieved August 10, 2026, from https://openchainbench.com/benchmarks/stablecoin-peg","ris":"TY  - GEN\r\nAU  - OpenChainBench\r\nTI  - Most stable stablecoin, live peg deviation across USDC, USDT and DAI\r\nPY  - 2026\r\nUR  - https://openchainbench.com/benchmarks/stablecoin-peg\r\nY2  - 2026-08-10\r\nER  - \r\n"},"pageUrl":"https://openchainbench.com/benchmarks/stablecoin-peg","ogImage":"https://openchainbench.com/api/og/stablecoin-peg","source":"https://github.com/ChainBench/OpenChainBench/tree/main/harnesses/stablecoin-peg","methodology":["Sources per stable, USDC: Binance USDC/USDT (USDT-anchored, secondary), Kraken USDCUSD, Bitstamp usdcusd. USDT: Coinbase USDT-USD, Kraken USDTUSD, Bitstamp usdtusd. FDUSD: Binance FDUSDUSDT (USDT-anchored, secondary). USDe: Binance USDEUSDT (USDT-anchored, secondary). DAI: Curve 3pool `get_dy`, quoted forward (USDC → DAI) and reverse (DAI → USDC), published as the geometric mean of the two quotes.","DAI's source class differs from the rest. No liquid CEX USD pair for DAI exists (live check July 2026: Kraken DAIUSD under $150k per 24 h with a 9 bps spread, Bitstamp at zero volume, Coinbase DAI-USD delisted), so DAI is measured from the Curve 3pool on-chain quote while USDC and USDT come from CEX tickers. The geometric mean of forward and reverse `get_dy` cancels the pool swap fee; residual pool imbalance is DAI's genuine price signal, not an artifact.","Cadence: 5 seconds for CEX REST tickers, 12 seconds for Curve `get_dy` on-chain (matches Ethereum block time). Per-venue samples are grouped into 60-second buckets for the liquidity-weighted median aggregation.","Aggregation: per-minute liquidity-weighted median across USD-quoted venues (`Quote = QuoteUSD`). Weight is 24 h USD volume estimate. The aggregated price drives `peg_deviation_bps` (per-minute median, retained for backward compatibility) and `peg_deviation_bps_histogram`.","Primary headline: `peg_deviation_worst_bps`, the per-minute MAX |price - $1.00| across all venue samples in the 60-second bucket, in bps. The ledger sorts on `quantile_over_time(0.50, peg_deviation_worst_bps[24h])`, the 24 h median (everyday tightness); the p99 column is the depeg tail. Per-minute max surfaces sub-minute depeg wicks a median would smooth away. Gauges `peg_minute_min_bps`, `peg_minute_open_bps`, `peg_minute_close_bps` expose the bar shape.","Cross-venue gap (OCB-only number): `max(price across USD-quoted venues) - min(price)`, per minute, in basis points. Surfaces the windows where Coinbase quotes USDT at $1.0003 while Kraken quotes $0.9978. Stored as `peg_cross_venue_gap_bps`.","USDT-anchored secondary metric: Binance USDC/USDT, FDUSD/USDT and USDE/USDT are exposed on `peg_deviation_usdt_anchored_bps{venue}` separately so the USD-anchored primary leaderboard is not contaminated by USDT's own peg deviation.","Time outside band: total seconds in the trailing 24 h during which the per-minute aggregated price fell outside [0.995, 1.005] (±50 bps). Split into `peg_time_below_peg_24h_seconds` (< 0.995) and `peg_time_above_peg_24h_seconds` (> 1.005) because Circle redemption only clears above-peg, so the direction tells you which failure mode is active.","Depeg event flag: binary `peg_depeg_event_flag` set to 1 when the per-minute aggregated price has been outside [0.97, 1.03] for ≥5 consecutive minutes; cleared after 30 minutes back inside. Conservative so it does not flap during normal stress events.","Outlier rule (multi-venue consensus): a sample more than 2% off peg is kept only when at least one other venue was outside the same band in the same direction within the last 30 seconds. Isolated single-venue glitches are dropped as `dropped_isolated`; corroborated moves (Kraken AND Bitstamp both at $0.87) are kept as `kept_corroborated`, so a real depeg like USDC during SVB in March 2023 survives into the percentile metric. Anything more than 50% off peg is treated as a parser bug and dropped.","Excluded by design: aggregator-only prices (CoinGecko, Coinmarketcap, DefiLlama) because they are themselves liquidity-weighted medians of the venues we already poll directly. Algo-stables that have already failed (UST, USDR) are out of scope; the bench tracks live, currently-redeemable stables."],"license":"CC-BY-4.0"}