# Peg / depeg

The peg is the value a stablecoin targets, such as one unit of a currency; a depeg is when its market price moves away.

Canonical: https://achivx.org/glossary/peg-depeg/
Updated: 2026-11-01

The peg is the reference value a stablecoin aims to hold, such as one unit of a fiat currency; Tether states its tokens are pegged 1-to-1 with a matching fiat currency. A depeg is a move of the market price away from that value. The BIS notes that stablecoins trade in secondary markets at an 'exchange rate' that can deviate from par. An FSB peer review reports respondents' view that allowing backing with less liquid or riskier assets may increase the likelihood of de-pegging events.

## What the sources say

| Source | Quote | Link |
|---|---|---|
| Tether transparency page | "All Tether tokens are pegged at 1-to-1 with a matching fiat currency and are backed 100% by Tether’s Reserves." | [tether.to](https://tether.to/en/transparency/?tab=reports) |
| BIS Annual Economic Report 2025, ch. III | "To date, stablecoins are traded in secondary markets at an "exchange rate" that can deviate from par" | [bis.org](https://www.bis.org/publ/arpdf/ar2025e3.htm) |
| BIS Annual Economic Report 2026, ch. III | "Secondary market prices of stablecoins to date deviate from par, even if mostly moderately." | [bis.org](https://www.bis.org/publications/aer-2026/anchoring-trust-money) |
| FSB peer review 2025: de-pegging | "jurisdictions allowing stablecoin issuers to back their tokens with less liquid or riskier assets may increase the likelihood of redemption delays or de-pegging events." | [fsb.org](https://www.fsb.org/uploads/P161025-1.pdf) |

## Related terms

- [Stablecoin](/glossary/stablecoin/)
- [Redemption](/glossary/redemption/)
- [Reserve / reserve assets](/glossary/reserve-assets/)
- [Synthetic dollar (delta-neutral)](/glossary/synthetic-dollar/)

## See also

- Explainer: [What is a stablecoin, and how does it hold one dollar?](https://achivx.com/academy/how-it-works/what-is-a-stablecoin.html)
- Review: [revain.org/coins/usdt/](https://revain.org/coins/usdt/)
- Review: [revain.org/coins/usdc/](https://revain.org/coins/usdc/)
- Review: [revain.org/coins/usde/](https://revain.org/coins/usde/)

Checked against the sources on 2026-11-01.

## revain.org
- https://revain.org/coins/usdt/
- https://revain.org/coins/usdc/
- https://revain.org/coins/usde/

## Sources
- https://tether.to/en/transparency/?tab=reports
- https://www.bis.org/publ/arpdf/ar2025e3.htm
- https://www.bis.org/publications/aer-2026/anchoring-trust-money
- https://www.fsb.org/uploads/P161025-1.pdf