Ethena's USDe briefly plunges to $0.92 on Binance

The synthetic dollar USDe from Ethena briefly dropped sharply on Binance on Monday to $0.9202 on the USDE/USDT spot pair. That happened around 13:00 on 22 September. The price then recovered quickly and was trading again around $0.9996. A direct cause has not been established, although the dip coincided with a scheduled maintenance stop at Binance later that afternoon.

In short:

• USDe briefly lost nearly 8% of its value on Binance before the price recovered
• Binance started scheduled maintenance around 14:00, during which deposits and withdrawals were temporarily suspended
• There is no indication that the price dip is related to the maintenance at Binance

Sharp dip without a clear cause

USDe is a synthetic dollar that tries to maintain the value of one US dollar. A price of $0.92 represents a deviation of nearly 8%, which is exceptional for a stablecoin-like asset. The dip was short-lived: the price quickly crawled back to nearly $1.

According to Wu Blockchain, the price drop occurred around 13:00, shortly before Binance carried out a scheduled upgrade of its infrastructure wallets.

Binance maintenance without a clear link

Binance began scheduled technical maintenance around 14:00. During that maintenance, deposits and withdrawals on all networks were unavailable for about an hour. The broader maintenance window continued until 17:00. Spot and futures trading remained available throughout the entire maintenance period.

There is as yet no evidence that the temporary price deviation of USDe is related to this maintenance work at Binance. What the exact cause of the sudden drop was remains unclear.