USDe market cap shrinks again, now falling below $12.7 billion, with over $2 billion lost this week

Jinse Finance reported that, according to Coingecko data, the market capitalization of the stablecoin USDe issued by Ethena Labs has dropped from about $13.5 billion yesterday to below $12.7 billion, currently reported at $12,660,245,970, shrinking by more than $2.16 billion compared to about $14.82 billion seven days ago. During the sharp cryptocurrency decline on October 11, USDe experienced a severe depeg from the US dollar, falling as low as $0.62 on some decentralized exchanges, with a depeg rate as high as 38%. The price has now recovered to the $1 range.