Ethena USDe (USDE) Daily Market Analysis 29 April 2026

Ethena USDe faces a sharp contraction amid DeFi turmoil and a $293M KelpDAO exploit – here's the latest: • USDe outflows surged $1.6B in April 2026, dropping supply 34.39% to $3.82B • Ethena suspended LayerZero OFT bridge operations as a precaution after the rsETH exploit • Reserve structure shifted dramatically, cutting perp exposure from 90% to 11% in favor of T-bills and loans • USDe yields compressed to ~3.72% as derivatives funding rates fell to 4.4% • Broader stablecoin market shed $892M post-exploit, with USDT commanding 59.19% of $320.65B total