Even stablecoins weren’t immune to Friday’s chaos. During the height of the crypto flash crash, major stablecoins showed brief signs of stress as volatility surged across the board. USDT, the largest by market cap, dropped to $0.998, according to CoinMarketCap data – but has since rebounded and is now trading slightly above peg at $1.005.
USDC also dipped, touching $0.997, while Ethena’s USDe briefly fell as low as $0.989 before recovering. PayPal’s PYUSD and FDUSD both dropped to around $0.995 and have yet to fully return to their dollar pegs.
The worst performer was Noble Dollar (USDN), which depegged sharply and has not recovered, now trading at just $0.46. A number of smaller stablecoins also saw erratic price moves during the crash, though most have returned to normal ranges.
While CoinMarketCap data may not reflect every price precisely – especially during periods of intense volatility – the brief dislocations confirm what traders already witnessed: even stablecoins felt the pressure of Friday’s massive liquidation event and the fast rebound that followed.
Despite the momentary cracks, the top stablecoins mostly held up during the extreme volatility, regaining parity shortly after the dust began to settle.
