USDe Stablecoin Market Value Declines by 45%

According to BlockBeats, data from DefiLlama indicates that the market capitalization of the stablecoin USDe, issued by Ethena Labs, has decreased to $8.95 billion. This marks a significant drop of approximately 45% from its peak of $16 billion at the beginning of October. The USDe stablecoin experienced a severe de-pegging from the U.S. dollar during the cryptocurrency downturn on October 11, with its value plummeting to $0.65 on some decentralized trading platforms.