USDevsPYUSD
Ethena USDe vs PayPal USD — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDe — Ethena USDe
PYUSD — PayPal 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 PYUSD -2.4% — PYUSD grew faster. Both held within about 6 bps of target across the same window.
Key differences
- USDe is roughly 1.4× larger than PYUSD by USD circulation value ($3.92B vs $2.78B).
- USDe ranks #6 while PYUSD ranks #9 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; PYUSD is fiat-backed. Different mechanism, different failure modes.
- PYUSD reports cash & t-bills (paypal) in reserve. We do not track a published reserve breakdown for USDe.
- USDe is deployed on 31 chains — much broader coverage than PYUSD's 19.
Full comparison table
| Metric | USDe | PYUSD |
|---|---|---|
| USD circulation value | $3.92B | $2.78B |
| Rank (by USD value) | #6 | #9 |
| Peg | USD | USD |
| Mechanism | crypto-backed | fiat-backed |
| Backing | Delta-neutral (ETH/BTC perpetual futures) | Cash & T-bills (PayPal) |
| Chains deployed | 31 | 19 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Ethena Labs | Paxos Trust Company (for PayPal) |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDe and PYUSD?
Both track USD, so they compete for the same use cases. PYUSD holds cash & t-bills (paypal). We track no published reserve breakdown for USDe. USDe ranks #6 by USD value and PYUSD ranks #9.
Which is bigger, USDe or PYUSD?
USDe is larger, with $3.92B in circulation vs $2.78B for PYUSD. That's roughly 1.4× the size.
Is USDe safer than PYUSD?
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; PYUSD uses a fiat-backed one. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USDe and PYUSD?
Yes. USDe and PYUSD 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 PYUSD?
The right choice depends on your use case. Consider: which chain do you need? USDe is available on 31 chains and PYUSD on 19. 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.