USDe Stablecoin Market Value Plummets by 45%

USDe, a stablecoin issued by Ethena Labs, has experienced a significant decline in its market capitalization. According to BlockBeats data from DefiLlama, the current value stands at $8.95 billion, marking a drastic drop of nearly 45% compared to its peak of $16 billion at the start of October. This comes amid a broader downturn in the cryptocurrency market, which saw USDe de-peg sharply on October 11th. The stablecoin’s value plummeted to as low as $0.65 on various decentralized platforms during this time.