DeFi· ★★★★· bearish· September 22, 13:16

Ethena's USDe briefly drops to $0.65 on Binance while holding peg in DeFi

—USDe traded at $0.65 on Binance and $0.92 on Bybit versus its $1 peg
—Price deviation on Curve and Uniswap stayed below 0.3%
—The protocol processed over $2 billion in redemptions within 24 hours
—Ethena published a Proof of Reserves report showing ~$66 million overcollateralization

Why it matters: The episode showed that USDe holders' risk stems from centralized exchange liquidity and operations, not from the protocol itself.

#USDE #USDT

Source: Crypto Briefing