[Stablecoin USDe Market Cap Falls Below $9 Billion, Shrinks 45% in the Past Month] According to DefiLlama data, the market cap of the stablecoin USDe issued by Ethena Labs has dropped to $8.95 billion, down approximately 45% from its peak of $16 billion in early October. USDe experienced severe depegging during the cryptocurrency crash on October 11, falling to $0.65 on some decentralized trading platforms.