Ethena USDe Stablecoin Supply Falls Below $9 Billion

Ethena’s USDe stablecoin issuer has experienced a significant drop in its issued supply, falling below $9 billion to approximately $8.915 billion. This decline represents a nearly $6 billion decrease from its peak levels. While the exact reasons behind this reduction remain unclear, market observers are pointing to potential liquidity challenges and broader volatility as contributing factors. Ethena’s silence on operational decisions has sparked speculation about potential internal strategies related to USDe management, with industry experts closely watching for further developments.