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

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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…



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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…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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