The market capitalization of Ethena's USDe stablecoin plummeted by 50% in a month, from $14.8 billion to $7.2 billion.

This decline occurred amid a decline in annual yields to 5.1%, down from double-digit levels at the beginning of the year.

Meanwhile, the coin's actual usage continues to grow, with on-chain transaction volume reaching $50 billion in the last month. USDe remains among the top three largest stablecoins.