On the morning of October 11, 2025, users of the Binance exchange recorded a large-scale “depeg” — a deviation of the prices of the USDe, BNSOL and WBETH stablecoins from their face value. According to TradingView, USDe was falling to $0.6567, WBETH to $430.65, and BNSOL to $34.9.
The incident caused massive liquidations and sharp fluctuations in the derivatives market.
Binance confirmed the incident and said the team is conducting a “comprehensive review of affected users, details of the liquidations and possible compensation measures.” The exchange noted that the investigation is ongoing and affected customers will be notified individually.
Bastion CEO Nassim Eddekiuak said the USDe’s sag to $0.65 to USDT and $0.62 to USDC reflects the systemic vulnerability of synthetic stablecoins. Using such assets as payment or collateral is “unsustainable by its very nature” because there is no atomic relationship between spot and short positions, he said.
“Imagine doing a multi-billion dollar transaction in an asset whose price can fluctuate between 2% and 38%. It’s crazy,” he noted.
According to the expert, this situation indicates a “structural problem” and is not an ordinary technical failure.
OKX co-founder Star Xu, in turn, emphasized that USDe can not be considered as a traditional stablecoin.
“It’s more like a tokenized hedge fund rather than a stablecoin. The very notion of ‘pegging’ to the dollar is not quite applicable here, which makes the name USDe misleading,” the entrepreneur said.
It’s important to understand that USDe operates as a tokenized hedge fund rather than a traditional stablecoin. The idea of being ‘pegged’ or ‘unpegged’ doesn’t apply – the name itself can be somewhat misleading. https://t.co/WOrJhW7Pvz
– Star (@star_okx) October 10, 2025
The Ethena team (USDe issuer) said the price fluctuations are due to market volatility and increased liquidations. At the same time, the token issuance and redemption system was “operating normally,” the developers emphasized.
The company emphasized that the asset remains over collateralized, and futures positions that trade below spot “may even lead to an increase in the collateralization ratio.”
Ethena added that it will continue to publish updates as the market stabilizes and noted that the incident did not affect the basic functions of the protocol.