Even stablecoins aren't immune to market headwinds. According to DeFi analysis firm Centora, only USDT, USDC, and PYUSD experienced modest growth last month. Ethena's USDe, on the other hand, faced significant challenges, with its market capitalization plummeting by over 35% in the past 30 days. This decline highlights the vulnerabilities of certain stablecoin models in the face of broader market volatility. While USDT and USDC continue to demonstrate relative stability, the struggles of USDe serve as a reminder of the diverse risks within the stablecoin ecosystem. Investors should carefully consider the underlying mechanisms and reserve management practices of different stablecoins before allocating capital. This mixed performance underscores the ongoing evolution and potential instability within the decentralized finance landscape. ```