Ethena’s synthetic USDe contracts sharply as dollar-backed stablecoins expand
Ethena’s synthetic-dollar stablecoin USDe saw one of its sharpest monthly contractions yet, while fiat-backed stablecoins including USDT, USDC and PYUSD attracted billions in inflows. CoinGecko data showed that Ethena’s USDe stablecoin fell from a market capitalization of $9.3 billion on Nov. 1 to $…