How Binance's USDe ‘depeg’ cost the exchange millions
Friday’s crash wiped half a trillion dollars off the crypto industry’s total market cap. With prices in freefall, traders with leveraged positions suffered over $19 billion in liquidations. During the chaos, sparked by Donald Trump’s renewed enthusiasm for threatening China with tariffs, Ethena’s “synthetic dollar” USDe appeared to depeg to just $0.65… on Binance, at least. #PeckShieldAlert $USDe has depegged, falling to ~$0.65 against $USDT. pic.twitter.com/V1dxywAhFf — PeckShieldAlert (@PeckShieldAlert) October 11, 2025 Read more: Ethena offers 27% on stablecoins but where is the yield coming from? USDe, and its yield-bearing counterpart sUSDe, prop up vast amounts of leverage, both on centralized exchanges and on-chain protocols. Stablecoin giants Tether and Circle back USDT and USDC 1:1 with “real-world” assets such as cash and US treasury bonds. USDe, meanwhile, is collateralized by delta-neutral positions of crypto-assets. In response t...