Ethena USDe (USDE) Daily Market Analysis 23 February 2026

Ethena's USDe faces accelerating outflows amid regulatory pressure – here's the latest: • Supply contracted sharply to $6.15B by 23 February 2026, with a $77.4M single-day outflow • New regulatory pressure emerged from Brazil's ban on synthetic stablecoins like USDe • Veera × Ethena Vault launched on 21 February, offering yield from perp funding rates • ENA governance token faced selling pressure, down 3.8% with analysts eyeing a potential reversal • Broader stablecoin market shows rotation from synthetic assets toward fiat-backed alternatives