The Headline That Wasn’t Twitter spent the weekend screaming that Ethena’s dollar-stable coin USDe had “de-pegged” to $0.68 on Binance. It didn’t. What collapsed was Binance’s price feed, not the stable-coin itself.Where the Liquidity Actually Lives USDe’s deepest liquidity is on Curve, not on any CEX. Curve pools hold nine-figure depth; Binance’s order-book is a thin tens of millions. While Binance printed a 32 % discount, Curve never budged more than 30 bps. One of these prices is the real ...

The Headline That Wasn’t Twitter spent the weekend screaming that Ethena’s dollar-stable coin USDe had “de-pegged” to $0.68 on Binance. It didn’t. What collapsed was Binance’s price feed, not the stable-coin itself.Where the Liquidity Actually Lives USDe’s deepest liquidity is on Curve, not on any CEX. Curve pools hold nine-figure depth; Binance’s order-book is a thin tens of millions. While Binance printed a 32 % discount, Curve never budged more than 30 bps. One of these prices is the real ...