Ethena’s USDe Briefly Plunges to $0.92 on Binance Before Rapid Recovery

Ethena’s synthetic dollar USDe briefly fell as low as 0.9202 USDT on Binance’s USDE/USDT spot pair at around 1 p.m. on Sept. 22 before quickly recovering to about 0.9996 USDT.

The move came shortly before Binance began a scheduled infrastructure wallet upgrade at 2 p.m., during which deposits and withdrawals across all networks were suspended for about an hour, while a broader system-maintenance window runs through 5 p.m.; spot and futures trading remain unaffected. There is currently no evidence linking the USDe price dislocation to Binance’s maintenance. — link