USDe experienced a serious depeg this morning, while 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 depegging. The price of USDE/USDT on Binance dropped to a low of $0.65. Ethena Labs stated that the USDe experienced secondary market price fluctuations due to market turbulence and a series of liquidations.

Ethena claims 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, making USDe even more over-collateralized compared to yesterday.