USDevsGHO
Ethena USDe vs GHO — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDe — Ethena USDe
GHO — GHO
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 GHO +16.7% — GHO grew faster. USDe held the tighter band: worst deviation 6 bps against 26 bps.
Key differences
- USDe is roughly 5.6× larger than GHO by USD circulation value ($3.92B vs $697.5M).
- USDe ranks #6 while GHO ranks #17 among all tracked stablecoins.
- Both are pegged to the same currency (USD), so they compete directly for the same use cases.
- Both are crypto-backed stablecoins, so the mechanism is not what separates them.
- GHO reports overcollateralized (aave) in reserve. We do not track a published reserve breakdown for USDe.
- USDe is deployed on 31 chains — much broader coverage than GHO's 2.
Full comparison table
| Metric | USDe | GHO |
|---|---|---|
| USD circulation value | $3.92B | $697.5M |
| Rank (by USD value) | #6 | #17 |
| 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 Labs | Aave |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDe and GHO?
Both track USD, so they compete for the same use cases. GHO holds overcollateralized (aave). We track no published reserve breakdown for USDe. USDe ranks #6 by USD value and GHO ranks #17.
Which is bigger, USDe or GHO?
USDe is larger, with $3.92B in circulation vs $697.5M for GHO. That's roughly 5.6× the size.
Is USDe safer than GHO?
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 crypto-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 USDe and GHO?
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.
Should I choose USDe or GHO?
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.