USDevsU
Ethena USDe vs United Stables — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDe — Ethena USDe
U — United Stables
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 +19.2% and U +10.3% — USDe grew faster. Both held within about 10 bps of target across the same window.
Key differences
- USDe is roughly 3.4× larger than U by USD circulation value ($4.73B vs $1.38B).
- USDe ranks #5 while U ranks #15 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.
- U reports stablecoin basket in reserve. We do not track a published reserve breakdown for USDe.
- USDe is deployed on 31 chains — much broader coverage than U's 4.
- Primary chain differs — most USDe supply lives on Ethereum, while most U supply is on BSC.
Full comparison table
| Metric | USDe | U |
|---|---|---|
| USD circulation value | $4.73B | $1.38B |
| Rank (by USD value) | #5 | #15 |
| Peg | USD | USD |
| Mechanism | crypto-backed | crypto-backed |
| Backing | Delta-neutral (ETH/BTC perpetual futures) | Stablecoin basket |
| Chains deployed | 31 | 4 |
| Primary chain | Ethereum | BSC |
| Issuer | Ethena Labs | — |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDe and U?
Both track USD, so they compete for the same use cases. U holds stablecoin basket. We track no published reserve breakdown for USDe. USDe ranks #5 by USD value and U ranks #15.
Which is bigger, USDe or U?
USDe is larger, with $4.73B in circulation vs $1.38B for U. That's roughly 3.4× the size.
Is USDe safer than U?
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 U?
Yes. USDe and U 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 U?
The right choice depends on your use case. Consider: which chain do you need? USDe is available on 31 chains and U 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.