USDe Stablecoin Market Value Plummets 45%

The market capitalization of USDe, a stablecoin issued by Ethena Labs, has experienced a dramatic decline. Data from DefiLlama shows the market value dropped to $8.95 billion, representing a significant fall of around 45% from its peak of $16 billion just at the beginning of October. This steep decline follows a severe de-pegging event on October 11th when USDe’s value plummeted to as low as $0.65 on some decentralized exchanges.