Ethena Labs' USDe Stablecoin Market Cap Falls to $8.95B, Down 45% from October Peak

The market capitalization of USDe, a stablecoin issued by Ethena Labs, fell to $8.95 billion as of November 7, DefiLlama data show. This represents a decline of approximately 45% from its peak of around $16 billion in early October. On October 11, USDe experienced a severe de-pegging event during a broader cryptocurrency market downturn, trading as low as $0.65 on certain decentralized exchanges.