USDe's Synthetic Collapse: Crypto Market's Uphill Battle
Update: 2025-12-23
Description
USDes Value Plummets: Synthetic Stablecoin Struggles Post-Crypto CrashUSDe, Ethenas synthetic stablecoin, has seen its value drop by nearly half since the October tenth crypto crash, with its market cap falling from nearly fifteen billion to around six point four billion dollars. The crash, which wiped out one point three trillion dollars in market value, triggered the largest liquidation event ever, with over nineteen billion dollars in positions wiped out and open interest falling by sixty-five billion dollars. USDes use of synthetic collateral and hedging instead of traditional fiat reserves led to a sharp loss of confidence and a brief price depeg glitch. Crypto market activity has stalled, and traders are rethinking high-risk plays amid ongoing jitters from the crash. USDe and similar tokens face an uphill battle to regain trust, but the broader market might stabilize if deleveraging eases up.
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