Ethena’s synthetic dollar, USDe, shed over $2 billion in market capitalization after briefly losing its dollar peg on Binance. The flash event exposed structural risks in crypto’s stablecoin plumbing.
According to CryptoSlate data, USDe’s market value dropped from $14.8 billion on Oct. 10 to $12.6 billion by Oct. 12.
The decline coincided with a Binance pricing glitch that also affected wrapped assets like wBETH and BNSOL, temporarily breaking their links to underlying tokens.
At one point, USDe fell to $0.65 before recovering to parity. Binance later said it had reimbursed users over $283 million for losses related to the incident.
Ethena USDe Depeg on Binance
Inside the flash depeg
USDe’s price dislocation came amid one of crypto’s largest liquidation events this year.
Crypto markets experienced a steep sell-off after US President Donald Trump pledged a 100% tariff on Chinese imports, wiping out over $20 billion in digital-asset open interest. The resulting rush into safe h
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