Ethena’s synthetic dollar USDe briefly fell to $0.9202 on Binance’s USDE/USDT spot market on Sept. 22, 2026, before rebounding to about $0.9996 within minutes. The low occurred around 1 p.m. Beijing time, or roughly 05:04 UTC, before Binance paused deposits and withdrawals at 06:00 UTC for a previously announced wallet infrastructure upgrade. Spot and futures trading remained open, and Wu Blockchain said no confirmed evidence linked the wick to the maintenance. Global price aggregators continued to show USDe near $0.999 after the recovery, pointing to a localized order-book dislocation rather than a protocol-wide failure. The episode revived concerns following USDe’s approximately $0.65 Binance price during the October 2025 market crash, even as Ethena has expanded the token’s use through its neobank rollout, BlackRock Aladdin integration and FalconX facility.