USD1vsUSDe
World Liberty Financial USD vs Ethena USDe — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USD1 — World Liberty Financial USD
USDe — Ethena USDe
30-day peg stability dotted line = target · both charts share one scale
What the last 30 days show
Over the last 30 days USD1 supply moved -10.1% and USDe -7.4% — USDe grew faster. USDe held the tighter band: worst deviation 6 bps against 18 bps.
Key differences
- USD1 and USDe are similar in size — within 10% of each other by USD-equivalent value.
- USD1 ranks #5 while USDe ranks #6 among all tracked stablecoins.
- Both are pegged to the same currency (USD), so they compete directly for the same use cases.
- USD1 is a fiat-backed stablecoin; USDe is crypto-backed. Different mechanism, different failure modes.
- USD1 reports us treasuries in reserve. We do not track a published reserve breakdown for USDe.
- USDe is deployed on 31 chains — much broader coverage than USD1's 8.
Full comparison table
| Metric | USD1 | USDe |
|---|---|---|
| USD circulation value | $4.03B | $3.92B |
| Rank (by USD value) | #5 | #6 |
| Peg | USD | USD |
| Mechanism | fiat-backed | crypto-backed |
| Backing | US Treasuries | Delta-neutral (ETH/BTC perpetual futures) |
| Chains deployed | 8 | 31 |
| Primary chain | Ethereum | Ethereum |
| Issuer | World Liberty Financial | Ethena Labs |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USD1 and USDe?
Both track USD, so they compete for the same use cases. USD1 holds us treasuries. We track no published reserve breakdown for USDe. USD1 ranks #5 by USD value and USDe ranks #6.
Which is bigger, USD1 or USDe?
USD1 is larger, with $4.03B in circulation vs $3.92B for USDe. That's roughly 1.0× the size.
Is USD1 safer than USDe?
Neither is inherently safer. Safety turns on reserve composition, issuer transparency, redemption rights and regulatory oversight — none of which this page audits. USD1 uses a fiat-backed model; USDe uses a crypto-backed one. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USD1 and USDe?
Yes. USD1 and USDe 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 USD1 or USDe?
The right choice depends on your use case. Consider: which chain do you need? USD1 is available on 8 chains and USDe on 31. 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.