On the morning of October 11, 2025, users of the Binance exchange recorded a significant 'depeg' — a deviation in the prices of the stablecoins USDe, BNSOL, and WBETH from their nominal value. According to TradingView, USDe fell to $0.6567, WBETH — to $430.65, and BNSOL — to $34.9.
The incident caused mass liquidations and sharp fluctuations in the derivatives market.
Binance confirmed the incident and stated that the team is conducting a 'comprehensive review of affected users, liquidation details, and possible compensation measures.' The exchange noted that the investigation is ongoing, and affected clients will be notified individually.
The CEO of Bastion, Nassim Eddikiuak, noted that the drop of USDe to $0.65 against USDT and $0.62 against USDC reflects a systemic vulnerability of synthetic stablecoins. According to him, using such assets as means of payment or collateral is 'inherently unstable' due to the lack of atomic connection between spot and short positions.
'Imagine that you are making a multi-billion dollar deal with an asset whose price can fluctuate from 2% to 38%. Madness,' he noted.
According to an expert, this situation indicates a 'structural problem' and is not an ordinary technical failure.
OKX co-founder Star Xu, in turn, emphasized that USDe should not be considered a traditional stablecoin.
'This is more of a tokenized hedge fund than a stablecoin. The very concept of 'pegging' to the dollar is not quite applicable here, which makes the name USDe misleading,' said the entrepreneur.
The Ethena team (issuer of USDe) stated that price fluctuations were caused by market volatility and an increase in liquidation volume. At the same time, the token issuance and redemption system 'functioned normally,' the developers emphasized.
The company emphasized that the asset is still over-collateralized, and futures positions traded below spot 'could even lead to an increase in the collateral ratio.'
Ethena added that it will continue to publish updates as the market stabilizes and noted that the incident did not affect the core functions of the protocol.
Let's remind that we wrote that the developers of Ethena Labs and Jupiter have joined forces to create JupUSD — a stablecoin in the Solana ecosystem, backed by the US dollar.
