Ethena's USDe stablecoin briefly fell to $0.92 on Binance before recovering to $0.9996 during scheduled infrastructure maintenance.
DeFi & Yields ·
Ethena's USDe stablecoin experienced a sharp, brief dip on Binance's spot market on September 22, falling to 0.9202 USDT around 1 p.m. before recovering to approximately 0.9996 USDT. The decline occurred shortly before Binance initiated scheduled infrastructure maintenance, including a wallet upgrade beginning at 2 p.m. that suspended deposits and withdrawals across all networks for roughly an hour as part of a broader maintenance window extending to 5 p.m.
Spot and futures trading continued unaffected during the maintenance period. No evidence has yet emerged connecting the USDe price movement to Binance's infrastructure work, leaving the cause of the momentary devaluation unclear. The recovery was rapid, and the stablecoin returned to near its target peg within minutes of the initial drop.