Stablecoin de-pegging 600 times in a year? The Bank of Korea stated in its recently released Financial Stability Report, citing Moody's data, that there were 600 instances of de-pegging from January to November 2023. The number feels vastly different from what I perceive, so I looked into the cited Moody's report and found a twist. The summary of the Moody's report stated: "including the top five stablecoins by market cap, including Ethereum blockchain’s DAI" Since it included the algorithmic stablecoin DAI, the number of de-pegging instances naturally increases significantly. If they cited it knowing this, it’s deception; if they didn’t know, it’s ignorance. Moreover, the de-pegging defined by Moody's is a daily fluctuation of more than 3%, yet in the report, it cleverly exaggerates the de-pegging range by stating "de-pegging ($0.88)" in the very next footnote. Not all content in the report is incorrect. It does explain the risks we need to be cautious about well. However, it would be better if they didn’t exaggerate with inaccurate data. ※ The link to the report and Moody's will be attached in the comments.

Financial Stability Report Moody's