USDe's market capitalization has fallen from $14.7 billion to approximately $6.4 billion since the October crash due to a crisis of confidence.

Ethena's stablecoin USDe saw its market capitalization plummet by $8.3 billion, halving since the October market crash, reflecting declining investor confidence in synthetic collateral models. While prices have recovered, trading volume remains weak, primarily due to the withdrawal of regulatory capital.