USDe drops to $0.92 on Binance before recovering to peg
Ethena USDe (USDe)
Editor:
Eugene Serbin
Cryptocurrency.com.tr reports that Ethena’s USDe stablecoin experienced a sharp but brief decline against Tether’s USDT on Binance’s spot market. The price fell to $0.9202 early on Tuesday, marking an 8% drop from its dollar peg. This event recalled a similar incident in October 2025 when the synthetic dollar lost its peg on the same platform.
The slide occurred between 05:00 UTC and 05:04 UTC, shortly before Binance began a scheduled infrastructure wallet upgrade. The exchange suspended deposits and withdrawals for about an hour starting at 6 a.m. UTC, though trading remained open. Analysts noted that the price wobble appeared only on Binance’s order book and did not reflect abnormal movement on-chain or in deeper liquidity pools.
By the time of the report, USDe had recovered to $0.9996, limiting the slide to just a few minutes. Nothing suggests the price drop was caused by the scheduled maintenance. The recovery was swift, with the stablecoin returning near its $1 target within minutes of the slide. The incident highlights the volatility that can still affect synthetic dollars despite their design.
How the market reacted
Whalio's own Binance spot order flow for USDe, measured when this story was written up on 22 September 2026. Not the outlet's figures.
Whalio data shows USDe trading at $0.9998 with a 1-hour buy ratio of just 0.3%, indicating immediate selling pressure. However, the 4-hour buy ratio stands at 72.0%, suggesting that buying interest has strengthened over a slightly longer timeframe. The 1-hour volume delta is -$544,974, reflecting net outflows in the short term, while the 4-hour delta is positive at +$973,603. This divergence implies that recent selling is being absorbed by buyers over the last four hours. The 24-hour buy ratio is 35.8%, showing that buying has been less dominant over the full day. Volume delta for the day is -$1,460,117, indicating net outflows over 24 hours despite positive 4-hour flows.
The latest daily buy ratio of 51.8% sits at the 56th percentile of the last 322 days, against a median of 48.5% - ordinary for this coin.
Was that an ordinary day?
The same Binance spot measurements for USDe, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 46.0%, making the current 24-hour ratio of 35.8% lower than the weekly norm. Trading volume has been 3.83 times the average, signaling unusually high activity compared to typical days. The 24-hour volume delta of -$1,460,117 contrasts with the 8-day total delta of -$1,015,720, showing that today’s outflows are heavier than the weekly average. Net buying days were 3 of 7 last week, suggesting a mixed trend leading into this event. This day appears unusual due to the spike in volume relative to the average, even though the price change over 8 days remains at 0.0%.