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BTC 
ETH Ethena's USDe stablecoin rebounded rapidly after briefly falling to 8% in Binance.
In the early hours of Tuesday, the price of Eena's USDe stablecoin against Tether (USDT) on the Binance spot market briefly fell by about 8% to US$0.9202, but then almost immediately rebounded to US$0.9996. The price volatility sparked market concerns, similar to an incident in October 2025, when the synthetic dollar temporarily lost its anchor with the dollar on the same exchange.
Temporary decoupling impacts Binance market
This temporary price decoupling occurred in the early morning hours. Analyst records show the USDE/USDT trading pair slipped between 05:00 and 05:04 UTC. Although this change is evident in Binance's order book, USDe has not experienced unusual fluctuations in on-chain data and other more liquid trading venues.
In just a few minutes, the value of the stablecoin returned to close to the anchored target of US$1. This rapid recovery suggests that the problem is limited to a single trading platform and does not reflect deeper systemic risks.
Noun explanation: Ethena is a decentralized finance (DeFi) protocol known for its USDe stablecoins. The stablecoin uses a hedging strategy backed by crypto-assets to maintain price stability rather than relying on fiat reserves.
The driving force behind the liquidity tightening
The sudden drop in prices closely coincides with the timing of Binance's planned infrastructure wallet upgrade. During the upgrade period, the exchange suspended all online recharge and withdrawal services at 6 a.m. UTC for approximately one hour. Despite the overlap, there is currently no evidence that the decoupling incident is related to maintenance work.
Market participant Punk (@punk2898) reported that a USDe market sell order worth approximately US$8 million hit Binance's illiquid order book, triggering a sharp drop in prices. Punk estimates that the other party to the transaction made a profit of approximately $600,000 in three minutes and recommends Binance warn users in advance before executing such large orders.
Another trader named CM (@chenmo) also supported this assessment, pointing to weak liquidity in USDe trading pairs as a major factor contributing to risk spread in past events. Both traders said Binance's order book was not deep enough to absorb such a large sell order without provoking a significant price response.
Review of October 2025 events
The latest incident is reminiscent of October 2025. At that time, USDe's price at Binance fell to $0.65 due to extensive market clearing. In that incident, more than $19 billion in positions were liquidated in a single day, affecting 1.6 million traders.
Binance later blamed some of the confusion on a display glitch that briefly showed that the token price was zero. Afterwards, the company paid users approximately $283 million as compensation.
Ethena Labs首席执行官Guy Young在2025年事件期间评论称，将该事件描述为真正的USDe脱钩具有误导性。他认为，只有Binance的价格出现了剧烈偏离，而其他地方的流动性池保持稳定。
在2025年10月事件之后，Binance更新了其流程，将实际资产赎回价格纳入参考指数，并为USDe建立了软性价格下限。这些举措旨在防止未来发生类似的 disruptions。
随着USDe的用途已超越去中心化金融领域，其波动现在具有更广泛的影响。今年6月，该代币被添加到贝莱德（BlackRock）的Aladdin平台，与比特币（BTC）和以太坊（ETH）一起，成为机构客户使用投资组合管理工具时可用的加密资产。
