{"id":502767,"date":"2025-10-14T09:43:16","date_gmt":"2025-10-14T08:43:16","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=502767"},"modified":"2025-10-15T16:09:54","modified_gmt":"2025-10-15T15:09:54","slug":"usdes-price-glitch-on-binance-raises-structural-stability-concerns","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/usdes-price-glitch-on-binance-raises-structural-stability-concerns\/","title":{"rendered":"$2B stablecoin depeg exposes cracks in crypto\u2019s ‘synthetic dollar’ system"},"content":{"rendered":"

Ethena\u2019s synthetic dollar, USDe,<\/a> shed over $2 billion in market capitalization after briefly losing its dollar peg on Binance<\/a>. The flash event exposed structural risks in crypto\u2019s stablecoin plumbing.<\/p>\n

According to CryptoSlate<\/em> data, USDe\u2019s market value dropped from $14.8 billion on Oct. 10 to $12.6 billion by Oct. 12.<\/p>\n

The decline coincided with a Binance pricing glitch that also affected wrapped assets like wBETH and BNSOL, temporarily breaking their links to underlying tokens.<\/p>\n

At one point, USDe fell to $0.65 before recovering to parity. Binance later said it had reimbursed users over $283 million<\/a> for losses related to the incident.<\/p>\n

\"Ethena
Ethena USDe Depeg on Binance<\/figcaption><\/figure>\n

Inside the flash depeg<\/h2>\n

USDe's price dislocation came amid one of crypto\u2019s largest liquidation events this year.<\/p>\n

Crypto markets experienced a steep sell-off after US President Donald Trump<\/a> pledged a 100% tariff on Chinese imports, wiping out over $20 billion<\/a> in digital-asset open interest. The resulting rush into safe havens like gold drained risk appetite and exposed weak points in leveraged crypto markets.<\/p>\n

USDe\u2019s structure depends on the basis trade that involves shorting perpetual futures while holding long spot exposure through reserves in USDT<\/a> and USDC<\/a>. When funding rates fall sharply, this mechanism yields lower returns and puts redemption pressure on the system.<\/p>\n

Still, the project insists the depeg was localized to Binance and not systemic.<\/p>\n

Dragonfly\u2019s Haseeb Qureshi noted<\/a> that USDe \u201cdid not depeg\u201d globally, by pointing out that:<\/p>\n

“While USDe wicked down on every CEX, it did not do so uniformly. Bybit briefly hit $0.95 then quickly recovered, yet Binance depegged a crazy amount and took forever to regain the peg. Curve meanwhile dipped a mere 0.3%.”<\/p><\/blockquote>\n

\"USDe
USDe Price Performance Across Exchanges. (Source: Haseeb)<\/figcaption><\/figure>\n

Moreover, Ethena Labs<\/a> founder Guy Young confirmed<\/a> that mint and redemption remained operational throughout, processing $2 billion in redemptions within 24 hours.<\/p>\n

He also pointed out that the asset's primary on-chain liquidity pools, such as Curve<\/a>, Uniswap<\/a>, and Fluid, showed fewer deviations, while $9 billion in collateral (mostly USDT and USDC) remained available for instant redemption.<\/p>\n

Considering this, Young said:<\/p>\n

“I do not think it is accurate to describe this is a USDe depeg when a single venue was out of line with the deepest pools of liquidity that experienced no abnormal price deviations whatsoever.”<\/p><\/blockquote>\n

Why this matters for Bitcoin<\/h2>\n

Although USDe is not marketed as a conventional stablecoin, its expanding role in crypto\u2019s financial plumbing means even small pricing errors can have disproportionate effects.<\/p>\n

The past weekend\u2019s disruption proved how a venue-specific malfunction can ripple through markets and cause real losses.<\/p>\n

And since USDe is now embedded<\/a> in several DeFi protocols and centralized exchanges, a short-term gap between its market value and the dollar can spill into other liquidity pools.<\/p>\n

Such disruptions can trigger forced liquidations in lending markets, reduce liquidity in BTC and ETH trading pairs, and distort the reference price used across decentralized platforms.<\/p>\n

Considering this, OKX<\/a> founder Star Xu cautioned<\/a> that the market must recognize what USDe represents, a tokenized hedge fund that is not a “1:1 pegged stablecoin.”<\/p>\n

According to him:<\/p>\n

“Such funds typically employ relatively low-risk strategies such as delta-neutral basis trading or money-market investments, but they still carry inherent risks \u2014 including ADL events, exchange-related incidents, and custodian security breaches.”<\/p><\/blockquote>\n

Xu noted that platforms using USDe as collateral must apply adaptive risk controls rather than treating it like traditional stablecoins. He argued that ignoring the asset's structural nuances could introduce systemic exposure to the broader crypto market and turn a localized fault into a sector-wide crisis.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ethena\u2019s 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\u2019s stablecoin plumbing. According to CryptoSlate data, USDe\u2019s market value dropped from $14.8 billion on Oct. 10 to $12.6 billion by Oct. 12. The decline coincided with a Binance […]<\/p>\n","protected":false},"author":720,"featured_media":502795,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,39,77968,32631,6849],"tags":[79342,79343],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nUSDe's price glitch on Binance raises structural stability concerns<\/title>\n<meta name=\"description\" content=\"USDe's brief depeg reveals potential ripple effects across crypto markets, pushing for a reevaluation of its classification.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/usdes-price-glitch-on-binance-raises-structural-stability-concerns\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$2B stablecoin depeg exposes cracks in crypto\u2019s 'synthetic dollar' system\" \/>\n<meta property=\"og:description\" content=\"USDe's brief depeg reveals potential ripple effects across crypto markets, pushing for a reevaluation of its classification.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/usdes-price-glitch-on-binance-raises-structural-stability-concerns\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-14T08:43:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-15T15:09:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/10\/usde-stablecoin.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/usdes-price-glitch-on-binance-raises-structural-stability-concerns\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/usdes-price-glitch-on-binance-raises-structural-stability-concerns\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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