Ethena price increased by 8% to $0.44 on October 17, while major cryptocurrencies like Bitcoin and Ethereum faced a market crash. Ethena’s stablecoin USDe briefly lost its peg to the US dollar, causing a 50% price correction.

Ethena reassured investors with on-chain proof of reserves after a mispricing incident due to Binance’s oracle using internal data. Binance acknowledged the anomaly and announced a $400 million fund to reimburse user losses.

USDe maintained its peg during market liquidations, calming investor anxiety. Ethena expanded its Stablecoin-as-a-Service (SaaS) product suite to Conduit, allowing projects to launch native stablecoins. Conduit supports over 60 Ethereum-based networks with $4 billion total value locked.

Ethena’s market capitalization is $3.14 billion, ranking it among the top 50 crypto assets. Trading volume surged 60.5% to $627.9 million, showcasing renewed interest from large investors as concerns over USDe de-pegging ease.

Read more at Yahoo Finance: Why is Ethena Price Rallying 8% Today Despite $1.2B Crypto Market Crash?