USDe experiences brief de-pegging as Ethena navigates recovery

USDe briefly dipped to $0.9202 on Binance on September 22 before recovering to near $0.9996 within minutes. The volatility occurred ahead of a scheduled wallet upgrade on the exchange, though no direct link was confirmed. Ethena has seen its supply grow to approximately $4.9 billion over the past month, marking a recovery from earlier lows. The protocol is currently implementing tokenomic reforms, including a proposal to use 95% of net revenue for ENA buybacks once USDe circulation reaches $7.5 billion. Additionally, the protocol is shifting its investor token release schedule to a single unlock on October 5.