Coinspeaker
3 hours ago
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USDe Falls 24% in November as Stablecoins Gain Billions

USDe Faces Sharp Decline in Supply

  • USDe, Ethena’s synthetic-dollar stablecoin, experienced a decline from $9.3 billion to $7.1 billion in market capitalization in November.
  • This reflects a 24% decrease in supply with $2.2 billion in redemptions, as reported by Coingecko.
  • The drop suggests users are exchanging USDe on the open market or withdrawing from pools.

Growth in Fiat-backed Stablecoins

  • Fiat-backed stablecoins like [USDT](https://holder.io/coins/usdt/), [USDC](https://holder.io/coins/usdc/), and PYUSD are attracting significant inflows.
  • PayPal's PYUSD increased its market cap from $1.2 billion in September to over $3.8 billion.
  • PYUSD's growth is linked to a 3.7% yield offered to US users holding the stablecoin in PayPal or Venmo wallets.

Stablecoin Market Overview

  • The total stablecoin market cap is $311 billion, dominated by USD-backed tokens which account for $303 billion.
  • In September, USDe held 4.5% of the global stablecoin market share with a $14.4 billion market cap, partly due to Kraken exchange listing.