USDevsBUIDL
Ethena USDe vs BlackRock USD — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDe — Ethena USDe
BUIDL — BlackRock USD
30-day peg stability dotted line = target · both charts share one scale
What the last 30 days show
Over the last 30 days USDe supply moved -7.4% and BUIDL +13.7% — BUIDL grew faster. BUIDL held the tighter band: worst deviation 0 bps against 6 bps.
Key differences
- USDe is roughly 1.4× larger than BUIDL by USD circulation value ($3.92B vs $2.71B).
- USDe ranks #6 while BUIDL ranks #10 among all tracked stablecoins.
- Both are pegged to the same currency (USD), so they compete directly for the same use cases.
- USDe is a crypto-backed stablecoin; BUIDL is fiat-backed. Different mechanism, different failure modes.
- BUIDL reports tokenized us treasuries (blackrock) in reserve. We do not track a published reserve breakdown for USDe.
- USDe is deployed on 31 chains — much broader coverage than BUIDL's 8.
Full comparison table
| Metric | USDe | BUIDL |
|---|---|---|
| USD circulation value | $3.92B | $2.71B |
| Rank (by USD value) | #6 | #10 |
| Peg | USD | USD |
| Mechanism | crypto-backed | fiat-backed |
| Backing | Delta-neutral (ETH/BTC perpetual futures) | Tokenized US Treasuries (BlackRock) |
| Chains deployed | 31 | 8 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Ethena Labs | BlackRock (tokenized by Securitize) |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDe and BUIDL?
Both track USD, so they compete for the same use cases. BUIDL holds tokenized us treasuries (blackrock). We track no published reserve breakdown for USDe. USDe ranks #6 by USD value and BUIDL ranks #10.
Which is bigger, USDe or BUIDL?
USDe is larger, with $3.92B in circulation vs $2.71B for BUIDL. That's roughly 1.4× the size.
Is USDe safer than BUIDL?
Neither is inherently safer. Safety turns on reserve composition, issuer transparency, redemption rights and regulatory oversight — none of which this page audits. USDe uses a crypto-backed model; BUIDL uses a fiat-backed one. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USDe and BUIDL?
Yes. USDe and BUIDL 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 USDe or BUIDL?
The right choice depends on your use case. Consider: which chain do you need? USDe is available on 31 chains and BUIDL on 8. 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.