POPA ReconUSDe supply down 70% - echoes of the Luna/UST collapse
USDe supply down 70% - echoes of the Luna/UST collapse Ethena's USDe supply is in freefall. Down over $1B in just the last three days, and ~70% from its October 2025 peak of $15B - now sitting at $5.1B. The pattern looks eerily familiar. A synthetic dollar scales fast on the back of high yields, reaches top-3 status, then gets hit by a coordinated market event that breaks its peg and kills confidence overnight. That's the Luna/UST playbook - and the similarity isn't just cosmetic. Both USDe and UST relied on market mechanics rather than hard collateral: UST through Anchor's 20% yield, US…
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