Many people misunderstood the USDe depegging event.

Let’s clarify: the mechanism of USDe itself has not collapsed, and it does not have a direct endorsement relationship with any leading exchange.

The real problem lies in the short-term liquidity within a certain exchange platform - simply put, the circular lending went wrong, triggering a liquidation that caused USDe to temporarily lose its peg. However, the collateral and redemption mechanisms at the protocol level have been operating normally, so the price quickly rebounded.

This kind of thing is actually quite common; the temporary fluctuations of stablecoins in extreme market conditions do not indicate a problem with the project itself. The key is whether it can return to its peg and whether the underlying assets are solid enough.