Software I wrote to monitor USDC depegging risk

Photo by Safar Safarov / Unsplash After UST stablecoin depegged and crashed 2 weeks ago, fear spread to other stablecoins. The most dominant stablecoin, USDT, was briefly depegged. If the biggest stablecoin is in danger, the risk to the other smaller stablecoins cannot be ignored. Some will say there is no need to worry about USDC. USDC was one of the beneficiaries after the stablecoins turmoil. Investors took out funds from USDT and transferred them to USDC because of its perceived higher safety. Market capitalization of USDT has declined almost 12% versus growth of almost 7% in USDC in the past 1 month. Recent changes in stablecoin market cap (24May2022) If there is one thing that the 2008 financial crisis and Anchor/Luna/UST total collapse has taught me, it is that the thing that causes the greatest financial damage is what we think is safe but turns out otherwise.

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