Markets asking whether a stablecoin will trade below $0.99, $0.95 or $0.90 form a ladder of increasingly severe outcomes, and the prices along that ladder have to stay in order — a bigger break can never be more likely than a smaller one. Depegs are rare, so the crowd tends to underprice the shallow rungs and overpay for the dramatic ones. You track redemption queues, reserve attestations and on-chain pool imbalances, then buy the rung the plumbing supports while selling the rung that is priced on fear.
Markets on Polymarket where stablecoin-depeg ladder construction is the natural play:
