Ethena's USDe stablecoin has suffered a significant devaluation, losing more than half its value following the October crypto market crash. By December 24, 2025, its market capitalization had fallen to $6.3 billion, down from a peak of $14.8 billion in early October. The stablecoin, which employs a delta-neutral model leveraging BTC positions, has seen a marked decline in investor confidence. This downturn marks the most severe drop among stablecoins in 2025. Additionally, Ethena's native token, ENA, experienced a 60% decrease in value during October, ending the year at $0.2. The sharp declines highlight the volatility and challenges faced by stablecoins and related tokens in the current market environment.