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Ethena's USDe Stablecoin Loses Over Half Its Value After October Crypto Crash

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USDE
$1.000.03%
This is the logo of the coin.
BTC
$87,812.700.63%
This is the logo of the coin.
ENA
$0.20382.98%
Ethena's USDe stablecoin lost over half its value in the wake of the October crypto market crash, with its market cap dropping to $6.3 billion by December 24, 2025. The token, which relies on a delta-neutral model using BTC positions, faced a sharp decline in investor trust. Analysts noted the drop was the worst among stablecoins in 2025, as USDe fell from a peak of $14.8 billion in early October. The crypto market update shows Ethena’s native token, ENA, also lost 60% of its value in October, closing at $0.2 by year-end.
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