A significant cryptocurrency crash in 2025, triggered by escalating U.S.-China trade tensions and cascading leverage unwinds, saw over $19 billion in liquidations within a single day. The impact was particularly notable with the USDE stablecoin from Ethena Labs briefly losing its peg amidst extreme market volatility. This incident exposes vulnerabilities inherent in delta-neutral models reliant on derivative markets for liquidity. Binance’s upcoming index updates for BNSOL and WBETH highlight the evolving nature of staked derivatives and their growing importance within the financial system. Transparent conversion-based pricing is crucial to maintaining systemic stability, as highlighted in this case study.