Stablecoins Loses Peg Yet Again
- The value of the stablecoins, USDT and USDC, falls by a significant amount.
- The Oasis network TVL has also been plummeting since June 4.
Earlier in May, UST lost its peg twice, and its value dropped by 56% in 24 hours. It raised questions in the market about the stability that these stablecoins actually have. It was followed by Luna’s downfall when the currency lost almost 99% of its value.
On June 6, a similar event occurred on the Oasis Network when USDT and USDC de-pegged, and their value fell to $0.12. The price of USDT could only bounce back to $0.51, but USDC’s price went up to $0.98.
This downfall has caused tension among the users, and a few have questioned the suspicious fall in the value of the stablecoins only in the Oasis network. The Oasis is a blockchain platform that is privacy-enabled for open finance.
According to the data collected from DeFi Llama, the TVL of the Oasis network plummeted from $214.25m to $67.41m. The downfall began on June 4. Many are guessing that the lack of liquidity could be the cause of the crash. In the last 24 hours, the value of the protocol has gone down by 45.67%.