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Ethena Stablecoin’s Dollar Peg Slips Briefly Amid Crypto Upheaval

Crypto News

The third-largest stablecoin reportedly lost its dollar peg briefly amid a wider market downturn.

USDe, a “synthetic dollar” from cryptocurrency project Ethena, fell to 65 cents against the U.S. dollar on Binance’s exchange, Bloomberg News reported Saturday (Oct. 11). The coin is designed to maintain a price near to that of the dollar, and regained that status following an initial sell-off, the report added.

“Our team is currently conducting a thorough review of the impacted users, the details surrounding these liquidations, and the appropriate compensation measures,” Binance wrote in a blog post about USDe and two other tokens that lost their pegs.

This came as the price of crypto tumbled following President Donald…

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