USDe Briefly Falls to $0.92 on Binance Before Recovering
USDe, the synthetic dollar issued by Ethena, briefly fell to $0.9202 on Binance's spot market before quickly recovering back to its peg of $1. The drop occurred early on Tuesday and was attributed by analysts to thin exchange liquidity rather than a problem with Ethena's collateral.
The USDe/USDT pair experienced an 8% slide between 05:00 UTC and 05:04 UTC, but the price quickly bounced back near its $1 target within minutes. This is not the same as the October 2025 depeg incident, where USDe lost its dollar peg to as low as $0.65.
Ethena Labs CEO Guy Young had previously stated that it was 'not accurate to describe this as a USDe depeg when a single venue was out of line with the deepest pools of liquidity.' Binance has taken steps to prevent such incidents, including adding the stablecoin's actual redemption price to its reference index.