USDe experienced a serious decoupling this morning, Ethena stated that the minting and redemption of USDe are operating normally, and the assets are still over-collateralized

ChainCatcher message, around 5:30 AM today, Ethena's USDe stablecoin experienced a severe de-pegging. The price of USDE/USDT on Binance dropped to a low of $0.65. Ethena Labs stated that the price fluctuations in the secondary market for USDe were due to market turbulence and a series of liquidations.

Ethena claimed that the minting and redemption of USDe are operating normally, and the assets are still over-collateralized. Due to liquidations causing perpetual contracts to fall below spot prices, Ethena has incurred additional unrealized profit and loss (uPNL) on short positions, which is being converted into protocol revenue, and USDe will be even more over-collateralized compared to yesterday.