Ethena USDe vs GHO — side-by-side comparison of supply, chains, backing, and peg data.
| Metric | USDe | GHO |
|---|---|---|
| USD circulation value | $3.94B | $648.2M |
| Rank (by USD value) | #6 | #18 |
| Peg | USD | USD |
| Mechanism | crypto-backed | crypto-backed |
| Backing | Delta-neutral (ETH/BTC perpetual futures) | Overcollateralized (Aave) |
| Chains deployed | 31 | 2 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Ethena USDe | GHO |
| CoinGecko | View → | View → |
Both USDe and GHO track USD, but they differ in backing and issuer. USDe is backed by delta-neutral (eth/btc perpetual futures) while GHO is backed by overcollateralized (aave). As of today, USDe ranks #6 and GHO ranks #18 among tracked stablecoins.
USDe is larger, with $3.94B in circulation vs $648.2M for GHO. That's roughly 6.1× the size.
Neither USDe nor GHO is inherently "safer" — safety depends on the specific backing composition, issuer transparency, redemption rights, and regulatory oversight. USDe uses crypto-backed backing model; GHO uses crypto-backed. Users should read each issuer's most recent reserve attestation before choosing.
Yes. USDe and GHO 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.
The right choice depends on your use case. Consider: which chain do you need? USDe is available on 31 chains and GHO on 2. 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.