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Stablecoins – Not the flippening you were looking for

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bluerobo
@bluerobo
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Tether (USDT) launched at the end of November 2014. Stablecoins as a category took off at the start of the Corona pandemic.
The popularity of stables grew until the algorithmic stablecoin Terra (UST) imploded on May 9th 2022.

Chronological order of events:

  • UST - 09.05.22 – Depegging of UST (now USTC)
  • Celsius - 13.06.22 – Celsius suspended customer withdrawals
  • Three Arrows - 16.06.22 – Crypto hedgefund failed to meet margin calls
  • Voyager Digital - 01.07.22 – Voyager Digital suspended customer withdrawals
  • CZ Tweet - 06.11.22 – Binance CEO announced to sell all FTT tokens (native currency of FTX)
  • Silvergate - 05.01.23 – Silvergate’s depositors withdraw over $8 billion in funds
  • Genesis - 20.01.23 – Genesis files for Chapter 11 bankruptcy
  • Paxos - 13.02.23 – The SEC sends a Wells Notice to Paxos (the issuer of the Binance USD stablecoin on Ethereum)

Market cap data from coingecko

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