USDevsOUSD
Ethena USDe vs Open USD — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDe — Ethena USDe
OUSD — Open USD
30-day peg stability dotted line = target · both charts share one scale
What the last 30 days show
OUSD held the tighter band: worst deviation 3 bps against 9 bps.
Key differences
- USDe is roughly 7.1× larger than OUSD by USD circulation value ($4.97B vs $698.8M).
- USDe ranks #4 while OUSD ranks #17 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; OUSD is fiat-backed. Different mechanism, different failure modes.
- USDe is deployed on 31 chains — much broader coverage than OUSD's 4.
- Primary chain differs — most USDe supply lives on Ethereum, while most OUSD supply is on Tempo.
Full comparison table
| Metric | USDe | OUSD |
|---|---|---|
| USD circulation value | $4.97B | $698.8M |
| Rank (by USD value) | #4 | #17 |
| Peg | USD | USD |
| Mechanism | crypto-backed | fiat-backed |
| Backing | Delta-neutral (ETH/BTC perpetual futures) | — |
| Chains deployed | 31 | 4 |
| Primary chain | Ethereum | Tempo |
| Issuer | Ethena Labs | — |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDe and OUSD?
Both track USD, so they compete for the same use cases. We track no published reserve breakdown for either coin. USDe ranks #4 by USD value and OUSD ranks #17.
Which is bigger, USDe or OUSD?
USDe is larger, with $4.97B in circulation vs $698.8M for OUSD. That's roughly 7.1× the size.
Is USDe safer than OUSD?
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; OUSD uses a fiat-backed one. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USDe and OUSD?
Yes. USDe and OUSD 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 OUSD?
The right choice depends on your use case. Consider: which chain do you need? USDe is available on 31 chains and OUSD on 4. 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.