Ethena’s USDe contracts as dollar stablecoins reach supply milestones

USDe’s market cap decreased sharply, indicating a 24% drop in token supply in November. This decline points to potential selling pressure among holders.

Contrarily, PYUSD experienced robust growth, with its market cap increasing significantly. This reflects a strong demand for PayPal’s stablecoin and the overall expansion of the USD-backed stablecoin market.