The USDP stablecoin lost its peg briefly on Feb. 10 after falling to $0.98. The New York Department of Financial Services (NYDFS) is reportedly probing Paxos.

The USDP stablecoin, managed by Paxos, briefly lost its $1 peg and is hovering at around $0.98. This is not the first time the stablecoin has lost its peg, with the asset showing multiple instances of this throughout 2022.

(By Rahul Nambiampurath)