CryptoBriefing and Coinfomania both report a Binance-only USDe price dip, but disagree on when it happened, how far it fell, and why.
CryptoBriefing and Coinfomania both report a Binance-only USDe price dip, but disagree on when it happened, how far it fell, and why.
What all sources agree on
- USDe briefly traded below its $1 peg on Binance before recovering.
- Ethena's USDe is described as a synthetic dollar token.
Where the reports disagree
1Date of the incident
During a broad market sell-off on October 10-11, 2025, USDe's price on Binance cratered far below its intended dollar peg.
Ethena's synthetic dollar, USDe, briefly fell to $0.9202 USDT on Binance around 1 p.m. on September 22, before recovering to approximately $0.9996 USDT.
What would settle it: Binance's own trade/order-book records for USDe/USDT covering both dates
2How far the price fell
The token hit roughly $0.65 on Binance and approximately $0.92 on Bybit, while major decentralized exchanges showed almost no stress at all.
Ethena's USDe fell to $0.9202 USDT on Binance around 1 p.m. today. The price quickly rebounded to $0.9996 USDT shortly after.
What would settle it: Binance's own trade/order-book records for USDe/USDT at the time in question
3Cause of the dip
A thin internal orderbook distorted oracle pricing, and issues with deposits and withdrawals on the platform prevented arbitrageurs from doing what they normally do: buy cheap on one venue, redeem at par, and pocket the difference.
This price movement occurred just before Binance commenced a scheduled infrastructure wallet upgrade, raising questions about the stability of USDe during critical system maintenance.
What would settle it: Binance's incident report or maintenance log, and Ethena Labs' own statement on the cause
4Broader market conditions cited
The sell-off triggered approximately $19 billion in liquidations across the crypto market.
the cryptocurrency market is exhibiting mixed signals, with varying momentum observed across major assets.
What to make of it
Treat only the fact that USDe briefly traded off-peg on Binance and recovered as established; the date, the depth of the dip, and its cause are reported inconsistently and should not be relied on until Binance or Ethena Labs publishes a single account.
Treat only the fact that USDe briefly traded off-peg on Binance and recovered as established; the date, the depth of the dip, and its cause are reported inconsistently and should not be relied on until Binance or Ethena Labs publishes a single account.
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