Binance’s Dollar-Pegged Token Suddenly Drops 8%!

Ethena’s synthetic dollar USDe briefly fell to 0.9202 USDT on Binance, deviating approximately 8% from the 1 USDT level; it then quickly returned to 0.9996 USDT.

According to a September 22 post by Wu Blockchain, the sharp move occurred in Binance’s USDE/USDT spot pair. Following the decline in USDe, which aims to track the dollar’s value, the price moved back toward 1 USDT.

The shared Binance screen shows the pair’s 24-hour low as 0.9202 USDT, while the price at the time the screenshot was taken was listed as 0.9996 USDT. Therefore, the image shows both the sharp downward deviation and the recovery that followed.

The prices here are measured against USDT, not the U.S. dollar. The data provided by the source belongs to this pair on Binance; no comparative data was shared on whether the same move occurred on other exchanges.

Is It Connected to Binance Maintenance?

Wu Blockchain reported that the price deviation occurred shortly before Binance’s planned wallet infrastructure upgrade. According to the post, deposits and withdrawals across all networks were expected to be suspended for approximately one hour as part of the maintenance, while spot and futures trading were not expected to be affected.

However, the source specifically noted that there is no evidence linking the price deviation to the maintenance. Therefore, the fact that the events occurred around the same time does not show that the maintenance caused the drop. The current post does not explain the cause of USDe’s sudden price movement in this pair.