What it is
A fixed-reference stablecoin trading meaningfully above or below its currency-normalized target. Variable-price accumulating-NAV tokens are excluded, while fixed-price rebasing units remain eligible.
Why it matters
A stablecoin is a promise to always be worth one unit. When the market stops believing the promise, the price tells you first. Small drifts are normal plumbing; large or persistent ones are the market pricing doubt.
How we read it
We classify the instrument first, then compare only eligible fixed references. Non-USD anchors require a timestamped FX reference, while variable-price accumulating-NAV units receive no mechanical one-dollar verdict.
What it cannot tell you
A momentary depeg on thin weekend liquidity is not a collapse. Size and persistence matter more than the instantaneous number.