Stablecoin depeg >2% on shared-LP venue
Pendle Finance's assessment for RD-F-104 — scored yellow on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
Stablecoin depeg signal (v1 launch). Threshold: |price - peg| / peg > 0.02 on >=2 venues, sustained >=30 min, AND protocol exposure to that stable >=5% TVL. Pendle has material sUSDe exposure (major PT market). Oct 10–11, 2025: USDe depegged to $0.65 on Binance internal oracle (exchange-specific) and ~$0.97 on Chainlink/DEX venues — signal would have fired for Pendle on the broader venue threshold breach. Recovery within hours. Currently: no active depeg (sUSDe, stETH, weETH all at or near peg as of 2026-04-29). Yellow because signal has demonstrably applicable precedent (fired retrospectively Oct 2025) and the exposure persists; risk of re-fire under similar macro stress remains live.
Sources #
- URLNo, Ethena's USDe Didn't De-Peg During Friday's Crash | CoinDeskDepeg recovery confirmed — USDe redemption mechanism held; isolated to Binance oracleretrieved 2026-04-29
- Ethena's USDe Briefly Loses Peg During $19B Crypto Liquidation Cascade | CoinDeskUSDe briefly loses peg during $19B liquidation cascade, October 2025retrieved 2026-04-29
- Pendle Finance Launches PT-weETH and PT-sUSDe | The DefiantPendle PT markets for sUSDe, stETH, weETH documented in profile §7; sUSDe is one of the largest Pendle marketsretrieved 2026-04-29
Methodology #
Detect whether a stablecoin in this protocol's dependency graph depegs >2% on a venue with shared liquidity.
See the full factor methodology and distribution across all protocols →