On the morning of October 11, 2025, a significant price deviation of the stablecoins USDe, BNSOL, and WBETH from their nominal value was recorded on the cryptocurrency exchange Binance. According to the analytical platform TradingView, the price of USDe dropped to $0.6567, WBETH fell to $430.65, and BNSOL decreased to $34.9. This event led to mass liquidations and substantial price fluctuations in the derivatives market.
This is reported by Business • Media
Binance’s Response and Market Participants
Binance promptly confirmed the incident, stating that the exchange’s team is conducting a thorough review of the situation related to the liquidations and the impact on users. The company emphasized that the investigation is ongoing, and affected clients will receive personal notifications regarding further actions and possible compensations.
The Ethena team, which is the issuer of the stablecoin USDe, explained the price fluctuations as a result of increased market volatility and a rise in the number of liquidations. The developers highlighted that the token issuance and redemption system continues to operate normally, and the asset remains over-collateralized. They also noted that futures positions trading below the spot market could even increase the collateral ratio of USDe. Ethena promised to keep users informed about updates as the market stabilizes and stressed that the incident did not affect the core functions of the protocol.
Expert Opinions on the USDe De-Pegging
Nassim Eddakiouak, CEO of Bastion, commented on the situation, emphasizing the systemic vulnerability of synthetic stablecoins. In his opinion, using such assets as a means of payment or collateral is unstable, as there is a lack of atomic linkage between spot and short positions.
“Imagine executing a multi-billion dollar deal with an asset whose price can fluctuate between 2% and 38%. Madness,” he stated.
The expert believes that such incidents indicate a structural problem rather than a typical technical glitch.
Star Xu, co-founder of OKX, noted the unique nature of USDe, emphasizing that this token should not be classified as a classic stablecoin. In his view:
“This is more of a tokenized hedge fund than a stable coin. The very concept of ‘pegging’ to the dollar is not entirely applicable here, making the name USDe misleading,” the entrepreneur stated.
It is worth recalling that earlier reports mentioned Ethena Labs’ collaboration with Jupiter to create the stablecoin JupUSD, which will operate within the Solana ecosystem and be backed by the US dollar.