Stablecoin Peg Hit by Coordinated Attack as One Exchange Controls 93% Supply
A stablecoin briefly lost its USD 1 peg following a coordinated attack, with one unidentified exchange reportedly holding 93% of the token’s circulating supply.
Summary
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Terms & Concepts
Stablecoin: A cryptocurrency designed to maintain a fixed value, often pegged to a fiat currency such as the U.S. dollar.
Peg: A mechanism that keeps a stablecoin’s value tied to a specific asset or currency, like USD 1 per token.
Exchange: A trading platform where users buy, sell, or hold digital assets, including cryptocurrencies and stablecoins.