Crypto analyst Chen Mo said on Sept. 22 that USDe on Binance briefly depegged again, falling to $0.92. He linked the move to the earlier "1011" episode, saying that event also began with trouble in USDe while on-chain pricing itself did not show abnormalities. According to his post, the problem came from how USDe traded on centralized exchanges: the order book was thin, yet the token could still be used as collateral to open positions, creating a path for risk transmission. Chen added that Binance later changed its pricing setup by incorporating USDe’s actual redemption price into its price index instead of relying only on order-book quotes. On that basis, he said, the conditions that drove the earlier "1011" event should not, in theory, play out the same way again.
BlockBeats reported on Sept. 22 that crypto analyst Chen Mo said USDe on Binance briefly depegged again during the day, touching $0.92.
In his post, Chen said the earlier "1011" incident also started with problems around USDe, while the on-chain price itself remained normal throughout.
He said USDe had a thin order book on centralized exchanges, while also being accepted as collateral for opening positions. That, in his view, was where the risk transmission in "1011" began.
Chen added that Binance later included USDe’s actual redemption price in its price index, rather than reading only order-book quotes. Based on that change, he said, a repeat of "1011" is unlikely in theory.
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