This post was originally published on Coinspeaker
Key NotesUSDe’s market cap has dropped from $9.3 billion on November 1 to $7.1 billion on November 30.The USDe token redemption saw a 24% decline in supply in November.Meanwhile, PYUSD is seeing a reverse with a massive boost in supply from $1.2 billion to $3.8 billion in 3 months.
USDe, Ethena’s synthetic-dollar stablecoin, has seen a sharp fall in its monthly supply as most of its counterparts attracted billions in inflows. The token also registered declines on some of its other metrics, including token redemption. Notably, the general stablecoin market appears to be experiencing meteoric growth at this time
Are USDe Users Selling Their Stablecoin Holdings?
From a market capitalization of $9.3 billion on November 1 to $7.1 billion on November 30, USDe may just have had one of its sharpest monthly contractions yet.
Noteworthy, this decline has been ongoing for the last few months. In addition to this massive dip, it recorded roughly $2.2 billion in redemptions. This corresponds with a 24% decline in supply in November, according to Coingecko data.
For context, USDe is a synthetic stablecoin launched by Ethena and is designed to maintain a peg to the US dollar.
It achieved this feat through trading strategies with crypto
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