What happened to Ethena’s USDe in November?

[AIcash]

USDe, a synthetic-dollar stablecoin, saw its market cap drop from $9.3B to $7.1B, marking a 24% contraction. About $2.2B of USDe tokens were redeemed across exchanges and DeFi platforms.

[Abdul Khan]

Market pressure and confidence issues drove USDe downward.

[Nahid Hossen]

Ethena must rebuild user confidence after that sharp decline.