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BTC 
ETH Ethena USDe经历短暂脱钩后迅速恢复稳定
周二凌晨，在币安现货市场上，Ethena发行的合成美元USDe曾短暂跌至0.9202美元，较Tether的USDT出现约8%的跌幅。这一波动迅速引发了市场对于2025年10月同一平台发生类似事件的回忆，当时该合成美元也曾一度失去与美元的挂钩。截至本报告发布时，USDe已回升至0.9996美元，此次价格下滑仅持续了数分钟。
此前在2026年9月的USDe价格波动事件中，币安恰好启动了一项计划内的基础设施钱包升级，导致交易所从UTC时间早上6点开始暂停所有网络的存款和取款服务约一小时，但现货和期货交易保持开放。值得注意的是，目前没有任何迹象表明USDe的价格波动与这次计划中的维护有关。
USDe是否再次脱钩？
监测币安现货市场上USDe对USDT价格的分析师指出，在UTC时间05:00至05:04之间，USDE/USDT交易对出现了短暂的波动，价格最低下探至0.9202美元。然而，在经历8%的下跌后，该稳定币在几分钟内便反弹回接近1美元的目标价位，且这种异常仅在币安的订单簿上显现。链上数据及其他深度流动性池中的价格并未出现异常波动。
USDe is a synthetic U.S. dollar issued by Ethena that maintains a US$1 peg by matching short futures positions with crypto collateral, rather than holding cash reserves like typical stablecoins such as USDT and USDC.
Why did USDe lose its hook again?
Different chain analysts have different theories about the mechanism behind the red tail of USDE/USDT on the coin security chart. However, many believe this is not due to problems with Ethena's collateral, but rather due to insufficient liquidity on the exchange.
Punk (@punk2898), one of the first traders to notice the price decline, offered an explanation: a USDe market sell order worth approximately $8 million hit a shallow order book, causing the price to show a decline on the chart, and then other traders absorbed the position. Punk pointed out that the other party made a profit of approximately US$600,000 in three minutes and called on Binance to warn users before large market orders were executed.
Another trader concerned about this situation, CM (@chenmo), also pointed out the weak liquidity problem of Binance USDe order book. CM believes that it is this combination that led to the spread of risks during Binance's October 2025 incident.
This event is different from the October 2025 crash
This price volatility quickly reminds people of the decoupling event in October 2025, when USDe fell to US$0.65 in Binance. At the time, the incident occurred during a comprehensive market liquidation period, and it was reported that more than 1.6 million traders 'positions were liquidated in one day, resulting in a total loss of more than US$19 billion.
Binance blamed some of the confusion on a display failure, in which certain token prices were displayed as US$0, and compensated affected users approximately US$283 million. Guy Young, CEO of Ethena Labs, clarified on the X platform at the time, emphasizing that "when a single location deviates from the deepest liquidity pool, it is inaccurate to describe it as USDe decoupling."
In response, Binance promised to include asset redemption prices in its reference index and add a soft price floor to USDe. CM also pointed out that Binance included the actual redemption price of the stablecoin in its reference index, rather than just reading the order book quote, which in theory should prevent the recurrence of such incidents.
Today, as the use of USDe has expanded from DeFi to a wider range of fields, if the events of October 2025 are repeated, the impact will be even more profound. BlackRock added the token to its Aladdin platform in June this year, making it one of the only crypto assets available to institutional users of the platform, alongside BTC and ETH products.
