Did Binance’s USDe Flash Crash Show a Real Stablecoin Depeg?

This past weekend, crypto markets experienced extreme volatility with prices swinging wildly. This volatility triggered panic and misinformation about Ethena’s USDe peg. The story circulated online of USDe depegging to $0.68 before recovering, but investigation reveals this was not a true depeg. Instead, it was a Binance-specific flash crash triggered by infrastructure strain, an inefficient oracle, and liquidity bottlenecks during one of the most volatile trading periods in crypto history.