Why depeg Is Trending Today?

Binance has allocated $283 million to compensate users affected by the depeg of the USDe stablecoin on its platform. The compensation follows a depeg incident that occurred on Friday, during which the stablecoin's price deviated significantly from its intended $1 peg. Binance has confirmed that it will cover user losses resulting from this incident. Ethena, a blockchain analytics firm, has suggested that the depeg was caused by an issue with Binance's oracle, which is responsible for feeding price data into the stablecoin's algorithm. However, Binance has not yet officially confirmed this as the cause. The company has stated that it will provide further details on the compensation process in the coming days.