Ethena USDe sheds peg to $0.984 amid funding-rate flip; redemptions spike
USDe traded down to $0.984 on Curve as perp funding turned sharply negative and collateral hedges unwound. Two Philidor liquidity-depth limits tripped on vaults holding sUSDe, the yield-bearing wrapper. Direct USDe holders and sUSDe holders are both in scope; the wrapper inherits the underlying peg.
USDeasset
sUSDeassetAffected positions
Direct(3)
Vaults holding the affected asset directly.
morphoUSDemorphoUSDe
aaveUSDeHidden(2)
Exposure inherited through a wrapper — easy to miss.
morphosUSDeUSDe
sparksUSDeUSDeExposure path
Each affected position shows its full route above — direct holdings resolve in one hop; wrapper exposure is expanded to the underlying (e.g. sUSDe → USDe).
Severity & reason
Liquidity-depth limit breached: secondary-market depth fell below the policy floor on 2 vaults (rule: liquidity.secondary_depth < floor while underlying off-peg > 1%).
Suggested action
Pause new deposits. Recheck exit capacity.