Based on Odaily, the synthetic stablecoin USDe issued by Ethena has seen its market cap shrink by nearly half since the '1011 crash,' with a net outflow of approximately $8.3 billion. According to CoinMarketCap data, the market cap of USDe was close to $14.7 billion as of October 9, but it has since fallen to around $6.4 billion in just over two months.
Ethena's USDe Stablecoin Market Cap Drops Nearly 50% Since '1011 Crash'
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Summary
Ethena's USDe stablecoin has lost nearly half its market cap since the '1011 crash,' according to on-chain data. The synthetic stablecoin's value dropped from $14.7 billion on October 9 to around $6.4 billion in two months, with a net outflow of $8.3 billion. Altcoins to watch may include USDe as market participants track its recovery potential.
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