USDCvsUSDS
USD Coin vs Sky Dollar — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDC — USD Coin
USDS — Sky Dollar
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 USDS -11.1% — USDC grew faster. Both held within about 5 bps of target across the same window.
Key differences
- USDC is roughly 10.8× larger than USDS by USD circulation value ($72.21B vs $6.70B).
- USDC ranks #2 while USDS ranks #3 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; USDS is crypto-backed. Different mechanism, different failure modes.
- Reserves differ — USDC holds cash & t-bills, USDS holds backed by dai/usdc.
- USDC is deployed on 154 chains — much broader coverage than USDS's 7.
Full comparison table
| Metric | USDC | USDS |
|---|---|---|
| USD circulation value | $72.21B | $6.70B |
| Rank (by USD value) | #2 | #3 |
| Peg | USD | USD |
| Mechanism | fiat-backed | crypto-backed |
| Backing | Cash & T-bills | Backed by DAI/USDC |
| Chains deployed | 154 | 7 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Circle | Sky |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDC and USDS?
Both track USD, so they compete for the same use cases. USDC holds cash & t-bills; USDS holds backed by dai/usdc. USDC ranks #2 by USD value and USDS ranks #3.
Which is bigger, USDC or USDS?
USDC is larger, with $72.21B in circulation vs $6.70B for USDS. That's roughly 10.8× the size.
Is USDC safer than USDS?
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; USDS uses a crypto-backed one. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USDC and USDS?
Yes. USDC and USDS 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 USDS?
The right choice depends on your use case. Consider: which chain do you need? USDC is available on 154 chains and USDS on 7. 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.