Third-Largest Stablecoin Briefly Loses Dollar Peg in Crypto Rout

Crypto project Ethena’s yield-bearing stablecoin briefly lost its dollar peg during a market rout that triggered record liquidations.

USDe, which is marketed as a “synthetic dollar” and currently offers holders a 5.5% yield, fell to 65 cents against the dollar on Binance. The token is designed to maintain a price close to that of the US dollar, which it regained shortly after the initial selloff.

Cryptocurrencies tumbled after US President Donald Trump said he would impose an additional 100% tariff on China, sparking a rush for safe haven assets including gold and Treasuries. Over the past 24 hours, ...