Cryptocurrencies
Another Stablecoin Loses Peg as Algorithm Fails to Keep Pace
- Deus Finance’s DEI is trading at 70 cents to the dollar
- Team behind the stablecoin is working to restore the peg
This article is for subscribers only.
Deus Finance’s DEI token has lost its 1-to-1 peg to the dollar, becoming the latest failure of an algorithmic stablecoin during a period of crypto market stress.
DEI is currently trading at 70 cents, according to data tracker CoinGecko. With a market value of about $63.5 million, the token is tiny compared with the more than $18 billion TerraUSD stablecoin that shook crypto markets when it become depegged last week.