The market capitalization of USDe, a stablecoin issued by Ethena Labs, has sharply declined to $8.95 billion, marking a 45% drop from its peak of $16 billion in early October. This significant decrease follows a severe de-pegging incident during the cryptocurrency crash on October 11, where USDe's value fell to as low as $0.65 on certain decentralized exchanges. The instability has raised concerns about the resilience of stablecoins in volatile market conditions.