USDe Stablecoin Market Value Drops Amidst Recent Volatility

The market capitalization of USDe, a stablecoin issued by Ethena Labs, has experienced significant decline over recent days. According to DefiLlama data, the stablecoin’s market value decreased from approximately $142.84 billion yesterday to below $127 billion currently at $126.99 billion. This represents a 14.3% drop within the last week. Reports previously highlighted USDe’s de-pegging from the U.S. dollar during the cryptocurrency downturn on October 11, resulting in a significant price drop to as low as $0.65 on some decentralized trading platforms. The coin has since recovered and is currently priced around the $1 mark.