USDe Plummets 24% as Fiat-Backed Stablecoins Gain Traction

Ethena’s USDe stablecoin saw a significant decline in November, shedding over $2.2 billion in market value, falling from nearly $9.3 billion to just under $7.1 billion. This drop is attributed partly to increased redemptions across decentralized applications, reflecting a shift away from synthetic models like USDe, particularly after a depeg event on Binance earlier this year.