{"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, Kraken, Bitstamp and Curve.","category":"Trading","metric":"Peg deviation","unit":"bps","status":"live","higherIsBetter":false,"value":2.12568,"leader":{"name":"DAI","slug":"dai","value":2.12568},"rankings":[{"name":"DAI","slug":"dai","ms":{"p50":2.12568,"p90":2.2586,"p99":2.42991,"mean":1.97641},"successRate":100,"sampleSize":14400.5},{"name":"USDC","slug":"usdc","ms":{"p50":4.5,"p90":6.3,"p99":6.95,"mean":4.85863},"successRate":100,"sampleSize":51839},{"name":"USDT","slug":"usdt","ms":{"p50":15.3,"p90":15.81,"p99":17.15,"mean":15.3321},"successRate":100,"sampleSize":34560}],"sparkline":[2.18004,2.17951,2.17874,1.63901,1.63463,1.63479,1.63479,1.63514,1.64178,2.06244,2.12581,2.12568,2.12571,2.12571,2.09735,2.09775,2.09721,2.09722,2.09722,2.25693,2.25702,2.25719,2.25467,2.25117,2.25203,2.23917,2.23905,2.23911,2.23905,2.23787,2.23768,2.23999,2.25617,2.21964,2.19679,2.2025,2.20405,2.20447,2.20363,2.33038,2.28506,2.28526,2.26969,2.42999,2.42119,2.276,2.24172,2.24208,1.65,1.63,1.62,1.63,1.62,1.62,1.61,1.83,1.81,1.64,1.54965,1.55276,1.57399,1.55441,1.554,1.68372,1.68541,1.68346,1.68689,1.69008,1.68519,1.68169,1.68116,1.67894,1.69993],"sampleSize":100799.5,"asOf":"2026-06-26T18:55:28.284Z","headline":"DAI leads peg deviation at 0.021% (24h avg) on Most stable stablecoin, live peg deviation across USDC, USDT and DAI.","quote":"DAI leads peg deviation at 0.021% (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 2026-06-26. 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 2026-06-26}\n}","apa":"OpenChainBench. (2026). Most stable stablecoin, live peg deviation across USDC, USDT and DAI. Retrieved June 26, 2026, from https://openchainbench.com/benchmarks/stablecoin-peg"},"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: Kraken USDTUSD, Bitstamp usdtusd. FDUSD: Binance FDUSDUSDT (USDT-anchored, secondary). USDe: Binance USDEUSDT (USDT-anchored, secondary). DAI: Curve 3pool `get_dy` forward (USDC → DAI) and reverse (DAI → USDC).","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 basis points. The leaderboard ranks stables on `quantile_over_time(0.99, peg_deviation_worst_bps[24h])`. Per-minute max surfaces sub-minute depeg wicks that a median would smooth away, matching the OHLC convention of TradFi reference rates. 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 $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"}