USDe Drops 24% in November As Fiat-Backed Stablecoins Gain Ground

Ethena’s synthetic-dollar stablecoin USDe saw one of its sharpest monthly contractions yet, while fiat-backed stablecoins like USDT, USDC and PYUSD attracted billions in inflows. 

CoinGecko data showed that Ethena’s USDe stablecoin fell from a market capitalization of $9.3 billion on Nov. 1 to a valuation of $7.1 billion on Nov. 30. The token saw roughly $2.2 billion in redemptions, marking a 24% decline in supply in November. 

Ethena’s USDe is a synthetic stablecoin that maintains its dollar peg through trading strategies with crypto and…