The October 10 flash crash is taken into account the biggest liquidation occasion in crypto market historical past, surpassing what was seen in the course of the FTX collapse. Greater than $19 billion in leveraged bets have been liquidated, and funding charges have fallen to their lowest ranges for the reason that depths of the 2022 bear market.
This crash additionally marked one of many sharpest and most complicated market turbulences ever seen in stablecoin buying and selling.
Amid this, Ethena’s artificial greenback, USDe, briefly fell to $0.65 on Binance in the course of the market decline, dropping its $1 peg within the course of.
It’s not unusual for a small variety of “secure” property to lose their $1 peg throughout a big, surprising market decline.
Nonetheless, Ripple USD remained pegged at $1 all through the decline, passing its first main stress take a look at since its inception in December 2024.
RLUSD rises to the highest 100
Ripple USD (RLUSD) stablecoin ranks among the many prime 100 cryptocurrencies by market capitalization.
On the time of writing, RLUSD stays the 82nd largest cryptocurrency with a market capitalization of $840.86 million, forward of DeFi token Curve Dao (CRV).
Beforehand, RLUSD was within the prime 100 rankings, however just for a brief time period, after which dropped out of the rankings.
Nonetheless, we’re seeing modifications as RLUSD establishes itself throughout the prime 100 and is positioned to proceed rising amid elevated adoption.
Final week, Ripple introduced a strategic partnership with Bahrain’s Fintech Bay to speed up cryptocurrency adoption to carry Ripple Custody and RLUSD to main monetary establishments within the area.
