Guy Young, the founder of Ethena Labs, the entity behind USDe, said the depegging event on Binance, which dropped the token’s value to $0.65, was an isolated issue.
Friday’s market crash wiped out nearly half a trillion dollars from the crypto market cap, with over $19 billion in leveraged positions liquidated.
USDe Depeg Was Due To An Oracle Issue
Guy Young, the CEO of USDe creator Ethena Labs, clarified that the USDe depeg on Binance occurred due to an internal oracle issue and not because of the underlying collateral. Young claimed that USDe minting and redeeming worked perfectly during Friday’s market crash, adding that traders redeemed $2 billion in USDe from various exchanges with minimal price deviations. Young stated that USDe fell from $1 to $0.65 on Binance during Friday’s crash because the exchange was using oracle data from its own orderbook, which offered thinner liquidity. Young had stated,
“The severe price discrepancy was isolated to a sing
We współpracy z: https://cryptodaily.co.uk/2025/10/ethena-founder-issues-clarification-on-usde-stability
