In 2023, Moody's Analytics reported 609 depegging events among large fiat-backed stablecoins, down from 707 in 2022. Depegging saw fluctuations against fiat of more than 3% in a day, highlighting the volatile nature of the sector.

Moody's also introduced a Digital Asset Monitor (DAM) to predict stablecoin depletion and assess risk. DAM covers 25 major fiat-backed stablecoins, providing insight into issuers, custodians, and market dynamics to help manage DeFi risks.

source:Moody's launches new digital asset monitor to track risk