Ethena's USDe stablecoin experienced significant outflows following the October 2025 market crash, with $8 billion redeemed over two months, halving TVL from $14.8 billion to $7.4 billion. This was driven by depegging on Binance and broader market liquidations, impacting the protocol's stability. USDe redemptions surged to $5.7 billion in October alone, continuing into November and [...]
