GHOvsUSDTB
GHO vs Ethena USDtb — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
GHO — GHO
USDTB — Ethena USDtb
30-day peg stability dotted line = target · both charts share one scale
What the last 30 days show
Over the last 30 days GHO supply moved +0.0% and USDTB +30.6% — USDTB grew faster. USDTB held the tighter band: worst deviation 7 bps against 17 bps.
Key differences
- GHO is roughly 1.3× larger than USDTB by USD circulation value ($697.8M vs $527.4M).
- GHO ranks #17 while USDTB ranks #20 among all tracked stablecoins.
- Both are pegged to the same currency (USD), so they compete directly for the same use cases.
- GHO is a crypto-backed stablecoin; USDTB is fiat-backed. Different mechanism, different failure modes.
- Reserves differ — GHO holds overcollateralized (aave), USDTB holds tokenized us treasuries (ethena).
- Chain coverage is comparable: GHO on 2 chains, USDTB on 2.
Full comparison table
| Metric | GHO | USDTB |
|---|---|---|
| USD circulation value | $697.8M | $527.4M |
| Rank (by USD value) | #17 | #20 |
| Peg | USD | USD |
| Mechanism | crypto-backed | fiat-backed |
| Backing | Overcollateralized (Aave) | Tokenized US Treasuries (Ethena) |
| Chains deployed | 2 | 2 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Aave | Ethena Labs |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between GHO and USDTB?
Both track USD, so they compete for the same use cases. GHO holds overcollateralized (aave); USDTB holds tokenized us treasuries (ethena). GHO ranks #17 by USD value and USDTB ranks #20.
Which is bigger, GHO or USDTB?
GHO is larger, with $697.8M in circulation vs $527.4M for USDTB. That's roughly 1.3× the size.
Is GHO safer than USDTB?
Neither is inherently safer. Safety turns on reserve composition, issuer transparency, redemption rights and regulatory oversight — none of which this page audits. GHO uses a crypto-backed model; USDTB uses a fiat-backed one. Read each issuer's most recent reserve attestation before choosing.
Can I convert between GHO and USDTB?
Yes. GHO and USDTB both trade on major centralized and decentralized exchanges. Since both track USD, the exchange rate is typically very close to 1:1. Direct swap protocols on Ethereum, Solana, and other chains offer the tightest spreads.
Should I choose GHO or USDTB?
The right choice depends on your use case. Consider: which chain do you need? GHO is available on 2 chains and USDTB on 2. What backing do you prefer? What's your integration surface (exchanges, DeFi protocols, payment providers)? Both have deep liquidity, so market cap alone shouldn't decide it.