On the morning of October 11, 2025, a significant price deviation occurred for three stablecoins — USDe, BNSOL, and WBETH — on the cryptocurrency exchange Binance, moving away from their nominal values. According to TradingView, the price of USDe temporarily dropped to $0.6567, WBETH to $430.65, and BNSOL to $34.9. These sharp fluctuations caused mass liquidations and instability in the derivatives market.
This is reported by Finway
Binance Launches Investigation into the Incident
Representatives from Binance confirmed the depeg and announced a comprehensive review to identify affected users, as well as to detail the liquidations and potential compensations. The exchange stated that the investigation is ongoing and that all impacted clients will receive individual notifications regarding the next steps.
Expert Assessments on the Risks of Synthetic Stablecoins
Nassim Eddakiouak, CEO of Bastion, noted that the drop of USDe to $0.65 against USDT and to $0.62 against USDC indicates a systemic vulnerability of synthetic stablecoins. In his opinion, such assets are unreliable as a payment instrument or collateral, 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 by 2% to 38%. Madness,” he remarked.
The expert is convinced that this situation points to a structural problem rather than an accidental technical failure in the operation of stablecoins.
Star Xu, co-founder of the OKX exchange, emphasized that USDe does not meet the classic definition of a stablecoin. He explained that this asset resembles a tokenized hedge fund more than a stable coin, and the term “pegged” to the dollar is incorrectly applied here. This is why the name USDe may mislead users.
The Ethena team, the issuer of USDe, stressed that the price drop was a result of increased market volatility and rising liquidation volumes. Meanwhile, the mechanism for issuing and redeeming tokens continued to operate normally. The developers emphasized that the asset still has excessive collateralization, and the situation with futures positions trading below spot prices could potentially even increase the asset’s collateral ratio.
The company added that they will continue to inform users about changes and highlighted that the core functions of the protocol remain unchanged.
It was previously reported that the developers of Ethena Labs and Jupiter have joined forces to create a new stablecoin, JupUSD, in the Solana ecosystem, which will be backed by the US dollar.