USDe has experienced a significant reduction in supply, dropping to levels last seen in November 2024, following approximately $1.6 billion in net outflows over the past five days, according to DefiLlama data. The current total supply of USDe is approximately $4.278 billion. Analysts attribute this decline to a recent incident involving Kelp DAO, which may have sparked a broader wave of withdrawals across the decentralized finance (DeFi) sector. This event has reportedly led to the exit of some whale capital, contributing to the substantial outflows observed.