Key Developments
Stables Labs’ USDX stablecoin has experienced a significant depeg from its intended 1:1 value with the U.S. dollar, falling to a low of $0.3887. This event triggered a swift reaction from a notable crypto investor.
Whale's Strategic Investment
A crypto whale, identified by wallet address 0xe454, capitalized on the depeg by purchasing 933,241 USDX tokens for $800,000 USDT. The average purchase price was $0.8572 per token, a move made shortly after the price drop, indicating an expectation that USDX would recover its peg.
USDX has depegged to $0.3887.
— Lookonchain (@lookonchain) November 6, 2025
Brave whale 0xe454 quickly spent 800K $USDT to buy 933,241 $USDX at $0.8572 right after noticing the depeg — adding to the 1.4M $USDX he bought a week ago, all submitted for redemption.
If redemption succeeds, he'll net around $135K in profit.
But… pic.twitter.com/bQ1Pv6Wdw3
Redemption and Pending Status
This latest purchase followed an earlier acquisition of 1.4 million USDX tokens by the same whale a week prior, which were also submitted for redemption. The investor again submitted the newly acquired tokens for redemption, anticipating a profit of approximately $135,000 if the process is successful. However, the redemption process has been pending for over three hours, leading to speculation about potential issues.
Implications of Redemption Delays
Typically, stablecoins facilitate quick and easy redemptions. A delay in this process can signal various underlying problems, including technical difficulties, insufficient liquidity, or systemic pressures within the stablecoin's ecosystem.