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USDe fell from $14.8B to $3.9B in a year; the driver is redemptions as the sUSDe yield advantage compressed after two sharp crush-depeg scares, not a true loss of the dollar peg.
Source: DIA on-chain data + external source
The map's CoinGecko market-history series records USDe peaking at $14.8B in early October 2025 and sliding to $3.9B by 2026-08, a 64% contraction in under a year. The decline is not mostly a broken peg: it is a slow redemption out of a yield product whose excess return stopped justifying the basis risk.
USDe's monthly market cap from the map's series: $10.9B (Aug 2025), $12.4B (Sep), $14.7B (peak, Oct), then $9.4B (Nov), $7.2B (Dec), $6.3B (Jan 2026), $6.6B (Feb), $6.0B (Mar), $5.9B (Apr), $3.9B (May), ~$4.4B (Jun-Jul), $3.9B (Aug). Peak-to-now is roughly minus 64%.
USDe is Ethena's synthetic dollar: it holds a delta-neutral position of short ether futures and long liquid staked ether, paying out the funding rate as yield. That makes it a yield product, not a pure transactional stablecoin, and its supply tracks how attractive that yield is relative to the risk of holding it. Two things drained it. First, in October 2025, during the leveraged-position crash that wiped out over $19 billion, USDe briefly printed $0.65 on Binance amid a pricing scramble and a cascade of redemptions. It recovered quickly, but the scare flagged the structural risk: when the market deleverages, the basis that makes USDe profitable can invert. Second, and more persistent, funding rates and the staking yield normalized through 2026, so the sUSDe yield advantage over plain T-bill-backed stablecoins compressed. Yield-chasing capital does not sit in a product whose carry fades; the supply drawdown tracked the carry. BlackRock's announcement that it would integrate USDe into its Aladdin platform is the counter-signal that the model retains institutional traction. But the supply record is unambiguous: the cap on synthetic-dollar demand is its yield, and when the yield normalized, the capital left.