Webacy Stablecoin Universe

Historical Depeg Events

Notable stablecoin depeg events with detailed analysis. Filter by year, token, or severity.

Total Events

Tokens Affected

Years Covered

2020–2026

Ongoing

Ongoing only8 events

USDC — Resolv/Morpho vault contagion

Secondary contagion from the March 22 USR minting exploit. Resolv-curated Morpho vaults (USDC Frontier on Base v1 and Ethereum v2) were exposed: Morpho's hardcoded $1 USR oracle allowed traders to borrow USDC against depegged USR collateral before the oracle updated, creating bad debt risk. Gauntlet (Morpho risk curator) emergency deallocated USDC Frontier on Base (v1) with no bad debt, and submitted timelocked cap reductions on mainnet v2 (3-day and 5-day timelocks). Morpho UI warnings placed on affected vaults. USDC deposits re-opened on Base v1 and v2 once deallocated. USDC underlying is unaffected; risk was confined to vault wrappers. DeFiLlama shows APY spike to ~38% (from 30d mean ~8%) — a classic stress signal, not a yield opportunity. As of 2026-03-26, mainnet v2 remediation still in progress pending Resolv peg recovery update.

2026-03-22 → ongoing

USR — minting exploit collapse

Minting exploit via compromised SERVICE_ROLE EOA: ~$80M USR minted from ~$200K collateral (400x) using unvalidated requestSwap/completeSwap functions. USR collapsed to $0.025 on Curve within 17 min; aggregated reference low $0.055. Attacker extracted ~$23.8M (converted to ETH). Secondary wave: Morpho vaults used hardcoded $1 oracle — traders borrowed USDC against depegged USR before oracle updated. Fluid, Euler, Venus, Lista DAO all paused. Webacy Depeg Monitor flagged Critical in ≤20 min across ETH, Base, ARB, BSC. Vault risk system had pre-flagged USR vaults with elevated depeg and asset risk scores pre-incident. As of 2026-03-25, USR remains ~69% below peg (~$0.31). Peg has not recovered. All four chains (ETH, Base, ARB, BSC) remain at Critical. Exit Recommended flags are active on all USR-backed vaults.

2026-03-22 → ongoing