USDevsRLUSD
Ethena USDe vs Ripple USD — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDe — Ethena USDe
RLUSD — Ripple 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 RLUSD +2.2% — RLUSD grew faster. RLUSD held the tighter band: worst deviation 2 bps against 6 bps.
Key differences
- USDe is roughly 2.5× larger than RLUSD by USD circulation value ($3.92B vs $1.58B).
- USDe ranks #6 while RLUSD ranks #12 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; RLUSD is fiat-backed. Different mechanism, different failure modes.
- RLUSD reports cash & deposits (ripple) in reserve. We do not track a published reserve breakdown for USDe.
- USDe is deployed on 31 chains — much broader coverage than RLUSD's 2.
- Primary chain differs — most USDe supply lives on Ethereum, while most RLUSD supply is on XRPL.
Full comparison table
| Metric | USDe | RLUSD |
|---|---|---|
| USD circulation value | $3.92B | $1.58B |
| Rank (by USD value) | #6 | #12 |
| Peg | USD | USD |
| Mechanism | crypto-backed | fiat-backed |
| Backing | Delta-neutral (ETH/BTC perpetual futures) | Cash & deposits (Ripple) |
| Chains deployed | 31 | 2 |
| Primary chain | Ethereum | XRPL |
| Issuer | Ethena Labs | Ripple |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDe and RLUSD?
Both track USD, so they compete for the same use cases. RLUSD holds cash & deposits (ripple). We track no published reserve breakdown for USDe. USDe ranks #6 by USD value and RLUSD ranks #12.
Which is bigger, USDe or RLUSD?
USDe is larger, with $3.92B in circulation vs $1.58B for RLUSD. That's roughly 2.5× the size.
Is USDe safer than RLUSD?
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; RLUSD uses a fiat-backed one. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USDe and RLUSD?
Yes. USDe and RLUSD 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 RLUSD?
The right choice depends on your use case. Consider: which chain do you need? USDe is available on 31 chains and RLUSD 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.