Ethena’s synthetic stablecoin USDe just had one of its sharpest monthly drops, falling from $9.3B → $7.1B in November. Thats roughly $2.2B in redemptions, or a 24% supply contraction, according to CoinGecko data.
Meanwhile, fiat backed stablecoins like USDT, USDC, PYUSD, and even RLUSD saw billions in new inflows, showing that dollar collateralized models still dominate user trust during volatility.
For context:
USDe is *synthetic*, meaning it maintains its peg through crypto + futures strategies instead of holding real dollars. The big outflows suggest users are either selling USDe on the market, removing liquidity, or unwinding positions across DeFi.
Zooming out, the total stablecoin market now sits at $311B, with U.S. dollar backed assets making up $303B of that. Despite new models entering the space, the market clearly still leans toward fully collateralized structures.
Not financial advice, just a notable shift in stablecoin dynamics worth watching.