Ethena’s USDe Stablecoin Market Cap Falls Over $8 Billion After Crash

USDe’s market cap fell from $14.7B to $6.4B amid a market-wide liquidation; it briefly depegged to $0.65 before rebounding to $0.9987, as volumes halved and U.S. spot Bitcoin ETFs saw $5B outflows.

BTC

USDE

31d ago

Summary

Ethena’s synthetic stablecoin USDe shed about $8.3 billion in market cap since October 10, falling from $14.7B to $6.4B during a historic crypto market liquidation. USDe briefly depegged to $0.65 before recovering to $0.9987. Trading volumes declined by roughly 50%, while U.S. spot bitcoin ETFs recorded about $5B in net outflows.

Terms & Concepts

Synthetic stablecoin: A stablecoin that maintains its target value using mechanisms like derivatives or hedging rather than direct fiat reserves.
Depeg: When a stablecoin trades significantly away from its intended peg (e.g., $1.00), often due to market stress or liquidity shocks.
Spot Bitcoin ETF: An exchange-traded fund that holds bitcoin directly and tracks its spot market price.