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@bluechip_org @KhanAbbas201 @crazydnekana @StablesLabs @ethereumfndn Wen crvUSD?👀 Asked 9 month ago.
Eesti
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@hell0men @KhanAbbas201 @crazydnekana @StablesLabs @ethereumfndn We're constantly working on new reports, stay tuned. Requests can't always be turned into new ratings - it depends, among other things, on the issuer.
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ECB asks you to not build fast-growing stablecoins
Cointelegraph@Cointelegraph
🇪🇺 NEW: The ECB warns that fast-growing stablecoins could create spillover risks for traditional finance if a major run hits the market.
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@ElonTrades This means that Binance license (s) should be revoked or at least paused immediately
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The Oct 11 Crypto Crash — What Really Happened
TL;DR:
Roughly $60–90M of $USDe was dumped on Binance, along with $wBETH and $BNSOL, exploiting a pricing flaw that valued collateral using Binance’s own order-book data instead of external oracles.
That localized depeg triggered $500M–$1B in forced liquidations, cascaded into $19B+ globally, and earned the attackers about $192M via $1.1B in BTC/ETH shorts opened on Hyperliquid hours earlier, but minutes before Trump tariff announcement.
It wasn’t a USDe failure!! It was Binance’s design flaw, timed with macro panic (Trump’s tariffs) for cover.
What looked like chaos was actually a coordinated exploitation of Binance’s internal pricing system, amplified by a macro shock and systemic leverage.
1️⃣ The Setup
Binance’s Unified Account let traders use assets like USDe, wBETH, and BNSOL as collateral.
Instead of oracle or redemption prices, Binance valued these using its own spot market - a major vulnerability.
On Oct 6, Binance announced a fix to move to oracle-based pricing, but rollout wasn’t until Oct 14, leaving an 8-day window.
2️⃣ The Exploit
During that window, sophisticated actors manipulated Binance’s order books, dumping ~$60–90M of USDe, driving it to $0.65 on Binance only (still ~$1 elsewhere).
Because the Unified Account marked collateral to internal prices, this instantly wiped margin value and triggered $500M–$1B in forced liquidations.
Then, Trump’s 100% China tariff headline hit, magnifying panic and liquidity stress.
3️⃣ The Profit Engine
The same day, fresh wallets on Hyperliquid opened $1.1B in BTC/ETH shorts, funded by $110M USDC from Arbitrum-linked sources.
As the Binance cascade unfolded, BTC and ETH cratered, those shorts netted $192M in profit before closing out at the bottom.
Timing, precision, and funding paths all suggest coordination.
4️⃣ The Contagion
Binance liquidations dumped BTC/ETH/ALTs into thin books.
Other exchanges mirrored the collapse through cross-market bots.
Market makers hedged across venues were forced to unwind everywhere.
Result: $19B+ global liquidations, with many alts down 50–70% intraday, all triggered by <$100M of manipulated collateral.
5️⃣ Who’s at fault?
Binance: design flaw + delay in oracle rollout = root cause.
Exploiters: executed and timed the manipulation, profited via external shorts.
Ethena (USDe): not at fault - protocol stayed 1:1 collateralized, redemptions normal, peg held everywhere else.
6️⃣ Aftermath
Binance admitted “platform-related issues,” promised compensation for affected margin/futures/loan users, and rolled out minimum price floors + oracle integration.
USDe remained operational, and the incident is now a case study in how exchange-side pricing errors can trigger system-wide liquidations.
Bottom line:
A ~$90M dump on Binance and a $1.1B leveraged short elsewhere sparked a $19B bloodbath.
Not a stablecoin failure, but a masterclass in exploiting flawed collateral valuation during peak macro stress.
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Stablecoin as a service: the most disruptive trend in stablecoins today
Using the 5 chains in the chart below just as an example, over $1.1bn is paid out in yield annually across those chains to a combination of Circle and Tether
That amount paid out is ~40% higher than the fees earned by those 5 chains on an annualized basis
were chains to launch their own whitelabel stablecoin and internalize yields, most chains would over 2x their revenue in an instant
stablecoins can easily become the biggest revenue drivers for most chains and apps
That $1.1bn can go towards user rewards, token buybacks, defi incentives or wherever the chain sees fit - each option being more value accretive to the ecosystem/chain vs paying out 100% to issuers
the USDH proposal marked a pivotal shift in the power dynamic between issuers and chains with many more options available today for chains/apps to internalize yields. its becoming clear that stablecoin as a service is the most disruptive trend in the stablecoin market for some time
Ethena is uniquely positioned for stablecoin as a service:
1/ Scale/Track Record
Not many issuers have a track record of managing stablecoins in the multi billions of size. Outside of Tether and Circle, the only issuers left at multi billion dollar scale are Ethena and Sky. Chains want to be working with partners who are used to issuing stablecoins at size, particularly those chains with mature ecosystems already. Ethena has handled over $25bn of mint/redeem flows to date with no depegs
2/ Product Optionality
Ethena is one of the only issuers that can provide optionality across products
most chains may start with USDtb as the fiat backed stablecoin at approx T-Bill yields ; and some will opt for the higher reward profile of USDe over time. not many issuers, if any, offer that flexibility for chains/apps to shift between products with different reward profiles. this could be particulaly useful in an environment where interest rates are cut and the spread between interest rates and funding rates widens
The $1.1bn of yield paid out earlier assumes T-Bill yields of 4% - that amount could potentially double if USDe is used, with an APY of 13% since inception
its been great to see two top ecosystems like @SuiNetwork and @megaeth move so quick to come to the same conclusion - should be interesting to see who else follows suit in the coming weeks
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soooo Melania Trump won't address the $10M of community tokens sold by team wallets
just post an AI video after 10 months of silence?
cool cool cool
Bubblemaps@bubblemaps
It's been 7 MONTHS And still no explanation from $MELANIA team on why: • $30M tokens from team wallets were sold • $10M tokens were removed from the community pool and sold
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$BMT IS LIVE
CA:
• SOL: FQgtfugBdpFN7PZ6NdPrZpVLDBrPGxXesi4gVu3vErhY
• BNB: 0x7d814b9eD370Ec0a502EdC3267393bF62d891B62
Trading will be available on:
Binance Wallet, Bybit, Kraken, Bitget, and more.
x.com/bubblemaps/sta…
Bubblemaps@bubblemaps
March 11, $BMT
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QME
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📺Tomorrow: EYWA in Meet the Drapers semi-final! 📺
📈What does EYWA have in common with @Baidu_Inc , @Tesla , @SpaceX , @ring , @Twitch , @coinbase , and @RobinhoodApp ? 👀
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