Ethena's USDe stablecoin loses dollar peg and drops to $0.92

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22.09.2026

Ethena's USDe stablecoin loses dollar peg and drops to $0.92 — Ethena's USDe loses dollar peg and drops to $0.92

Ethena's synthetic dollar USDe briefly lost its dollar peg on Binance on September 22, falling to $0.9202. The price recovered to around $0.9996 within minutes, while no significant deviation from $1 was observed on other platforms.

According to TradingView, the incident occurred at around 05:04 UTC in the USDE/USDT spot pair. At the time, USDe had a circulating supply of around $4.9 billion, while the asset is increasingly being used not only in DeFi but also in institutional products.

USDE/USDT price on Binance. Data: TradingView.

The drop occurred about an hour before a scheduled suspension of deposits and withdrawals on Binance. Experts noted that there is no confirmed link between the price move and the exchange's scheduled maintenance.

USDe recovers within minutes

Binance had previously announced a wallet infrastructure upgrade scheduled to begin at 06:00 UTC. During the maintenance, the exchange suspended only deposits and withdrawals, while spot and futures trading continued as usual.

Therefore, USDe had already fallen to $0.9202 before the maintenance began. Following the sharp move, the token almost immediately recovered its dollar peg, while global aggregators continued to show prices around $0.999.

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This points to a localized price deviation in Binance's order book rather than a confirmed failure of USDe's underlying mechanism. However, the episode has once again drawn attention to the risk of sharp price discrepancies for the synthetic dollar on individual centralized exchanges.

A similar situation occurred on October 10, 2025, when USDe briefly fell to around $0.65 on Binance during a broad market sell-off. Prices in onchain pools remained much closer to the dollar peg, while the exchange later compensated some affected users.

USDe grows larger and expands beyond DeFi

Since the previous incident, USDe's use cases have expanded significantly. Unlike traditional stablecoins backed by cash reserves, Ethena's mechanism relies on delta-neutral hedged positions in derivatives markets.

In 2026, the company began promoting the asset more actively among both retail and institutional users. Ethena Pay integrated USDe into products for everyday payments across 48 countries, while on the institutional side, the token was integrated with BlackRock's Aladdin platform.

Meanwhile, competition between different digital dollar models is growing. Circle is developing institutional USDC loans backed by Bitcoin, while Goldman Sachs, Citi and Bank of America are working on their own dollar stablecoin.

These products offer institutional clients a different risk structure compared with USDe's synthetic model. The token's brief 8% drop does not indicate a protocol failure, but such deviations can matter for systems where the asset is used as collateral for leveraged positions.

Earlier, we reported that Circle launched the public mainnet of its Arc blockchain and created an initial supply of 10 billion tokens. USDC is used as the network's gas currency.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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