USDCvsUSDe
USD Coin vs Ethena USDe — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDC — USD Coin
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 USDC supply moved -1.6% and USDe -7.4% — USDC grew faster. Both held within about 6 bps of target across the same window.
Key differences
- USDC is roughly 18.4× larger than USDe by USD circulation value ($72.21B vs $3.92B).
- USDC ranks #2 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.
- USDC is a fiat-backed stablecoin; USDe is crypto-backed. Different mechanism, different failure modes.
- USDC reports cash & t-bills in reserve. We do not track a published reserve breakdown for USDe.
- USDC is deployed on 154 chains — much broader coverage than USDe's 31.
Full comparison table
| Metric | USDC | USDe |
|---|---|---|
| USD circulation value | $72.21B | $3.92B |
| Rank (by USD value) | #2 | #6 |
| Peg | USD | USD |
| Mechanism | fiat-backed | crypto-backed |
| Backing | Cash & T-bills | Delta-neutral (ETH/BTC perpetual futures) |
| Chains deployed | 154 | 31 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Circle | Ethena Labs |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDC and USDe?
Both track USD, so they compete for the same use cases. USDC holds cash & t-bills. We track no published reserve breakdown for USDe. USDC ranks #2 by USD value and USDe ranks #6.
Which is bigger, USDC or USDe?
USDC is larger, with $72.21B in circulation vs $3.92B for USDe. That's roughly 18.4× the size.
Is USDC 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. USDC 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 USDC and USDe?
Yes. USDC 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 USDC or USDe?
The right choice depends on your use case. Consider: which chain do you need? USDC is available on 154 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.