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.
CryptoBriefing 2026-09-22 06:16
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.
Coinfomania 2026-09-22 06:41
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.
CryptoBriefing 2026-09-22 06:16
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.
Coinfomania 2026-09-22 06:41
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.
CryptoBriefing 2026-09-22 06:16
This price movement occurred just before Binance commenced a scheduled infrastructure wallet upgrade, raising questions about the stability of USDe during critical system maintenance.
Coinfomania 2026-09-22 06:41
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.
CryptoBriefing 2026-09-22 06:16
the cryptocurrency market is exhibiting mixed signals, with varying momentum observed across major assets.
Coinfomania 2026-09-22 06:41
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.
Originally reported by AltcoinGordon, written by Grace Mitchell. Republished with permission.
View the original on AltcoinGordon →
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