USDevsUSD0
Ethena USDe vs Usual USD — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDe — Ethena USDe
USD0 — Usual 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 USD0 -0.3% — USD0 grew faster. USDe held the tighter band: worst deviation 6 bps against 18 bps.
Key differences
- USDe is roughly 7.1× larger than USD0 by USD circulation value ($3.92B vs $550.8M).
- USDe ranks #6 while USD0 ranks #19 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; USD0 is fiat-backed. Different mechanism, different failure modes.
- USD0 reports tokenized us treasuries (usual) in reserve. We do not track a published reserve breakdown for USDe.
- USDe is deployed on 31 chains — much broader coverage than USD0's 2.
Full comparison table
| Metric | USDe | USD0 |
|---|---|---|
| USD circulation value | $3.92B | $550.8M |
| Rank (by USD value) | #6 | #19 |
| Peg | USD | USD |
| Mechanism | crypto-backed | fiat-backed |
| Backing | Delta-neutral (ETH/BTC perpetual futures) | Tokenized US Treasuries (Usual) |
| Chains deployed | 31 | 2 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Ethena Labs | Usual |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDe and USD0?
Both track USD, so they compete for the same use cases. USD0 holds tokenized us treasuries (usual). We track no published reserve breakdown for USDe. USDe ranks #6 by USD value and USD0 ranks #19.
Which is bigger, USDe or USD0?
USDe is larger, with $3.92B in circulation vs $550.8M for USD0. That's roughly 7.1× the size.
Is USDe safer than USD0?
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; USD0 uses a fiat-backed one. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USDe and USD0?
Yes. USDe and USD0 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 USD0?
The right choice depends on your use case. Consider: which chain do you need? USDe is available on 31 chains and USD0 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.