USDCvsUSDY
USD Coin vs Ondo US Dollar Yield — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDC — USD Coin
USDY — Ondo US Dollar Yield
30-day peg stability dotted line = target · both charts share one scale
What the last 30 days show
Supply moved almost identically over the last 30 days: USDC -1.6%, USDY -0.9%. USDC held the tighter band: worst deviation 5 bps against 1422 bps.
Key differences
- USDC is roughly 33.7× larger than USDY by USD circulation value ($72.21B vs $2.14B).
- USDC ranks #2 while USDY ranks #11 among all tracked stablecoins.
- Both are pegged to the same currency (USD), so they compete directly for the same use cases.
- Both are fiat-backed stablecoins, so the mechanism is not what separates them.
- Reserves differ — USDC holds cash & t-bills, USDY holds tokenized us treasuries (ondo).
- USDC is deployed on 154 chains — much broader coverage than USDY's 15.
Full comparison table
| Metric | USDC | USDY |
|---|---|---|
| USD circulation value | $72.21B | $2.14B |
| Rank (by USD value) | #2 | #11 |
| Peg | USD | USD |
| Mechanism | fiat-backed | fiat-backed |
| Backing | Cash & T-bills | Tokenized US Treasuries (Ondo) |
| Chains deployed | 154 | 15 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Circle | Ondo Finance |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDC and USDY?
Both track USD, so they compete for the same use cases. USDC holds cash & t-bills; USDY holds tokenized us treasuries (ondo). USDC ranks #2 by USD value and USDY ranks #11.
Which is bigger, USDC or USDY?
USDC is larger, with $72.21B in circulation vs $2.14B for USDY. That's roughly 33.7× the size.
Is USDC safer than USDY?
Neither is inherently safer. Safety turns on reserve composition, issuer transparency, redemption rights and regulatory oversight — none of which this page audits. Both use a fiat-backed model, so the difference sits in the issuer and the reserves rather than the design. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USDC and USDY?
Yes. USDC and USDY 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 USDY?
The right choice depends on your use case. Consider: which chain do you need? USDC is available on 154 chains and USDY on 15. 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.