USDT Gains $5B as Rivals Shed $4.2B, Marking Increased Dominance

The sharpest pain is visible in relation to Ethena, as the synthetic dollar protocol’s USDe has declined 28% over the past month and is down approximately 34% year-to-date, with sustained outflows running since October 2025. Paypal’s PYUSD and Circle’s USDC have also posted declines over the same window, though neither at the same severity as USDe.