Stablecoin Price Data During a Depeg
Model stablecoin prices as observed market ratios, preserve venue and time context, and avoid hard-coding a one-to-one fiat valuation.
Overview
When translating these concepts into an integration, keep the scope described by the wallet history api with the result. The examples in wallet transaction history and smart contract event logs show how the same distinction affects neighbouring data questions.
A stablecoin’s target is not the same as every observed trading price. During stress, different venues and pairs can disagree. Historical valuation should preserve those observations rather than overwrite them with the intended peg.
Separate target, market and redemption
A target price expresses a design goal. A market quote reflects a selected trading observation. Redemption terms describe a separate mechanism with eligibility, timing and operational conditions. A data model should not substitute one for another without explaining the valuation policy.
Worked example: two simultaneous markets
At the same reporting instant, one eligible venue quotes 0.97 fiat units while another quotes 0.99. A report using a multi-venue method needs a documented selection or weighting rule. It should not silently record one unit merely because the asset’s name suggests a peg.
Retain method and freshness
Record market identity, quote currency, observation time and the rule used to choose a value. Test missing trades and large spreads. A stale price can be less useful than an explicit unknown. If an application uses a fixed valuation assumption for a particular purpose, label it separately from market-observed prices and keep the original evidence.
A practical acceptance test
Provide market observations of 0.97 and 0.99 alongside a target peg of one. Assert that the selected valuation follows its documented market method and retains both observations. If all eligible prices become stale, the result should be unknown or explicitly assumption-based, not automatically reset to one. Keep redemption terms outside the market-price field.
Questions about the topic
Frequently asked questions
Is the target peg a guaranteed execution price?
No. Actual market and redemption conditions can differ.
Should missing data default to one?
No. That replaces missing evidence with an unstated assumption.
Standards & technical documentation