As of September 19, 2025,
This sharp drop in price comes after a notable change in the stablecoin’s liquidity profile. Internal analytics from the asset’s governance system reveal that the loss of peg was the result of extensive redemption activity combined with a temporary halt in minting on certain blockchains. This led to a break from the typical one-to-one peg with the U.S. dollar. Even though the peg was lost, the protocol has not imposed a complete pause on redemptions, which has helped retain some level of market trust.
Technical analysis points to a breach of critical support zones on leading trading platforms. The RSI has entered oversold levels, hinting that selling pressure might be easing, while the 200-day moving average still acts as a key benchmark for broader investor outlook. The disconnect between blockchain metrics and price actions suggests a fundamental shift in USDC’s market structure.
Backtest Hypothesis
The backtesting