USDevsUSD1
Ethena USDe vs World Liberty Financial USD — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDe — Ethena USDe
USD1 — World Liberty Financial 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 +19.2% and USD1 +8.5% — USDe grew faster. Both held within about 11 bps of target across the same window.
Key differences
- USDe and USD1 are similar in size — within 10% of each other by USD-equivalent value.
- USDe ranks #5 while USD1 ranks #6 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; USD1 is fiat-backed. Different mechanism, different failure modes.
- USD1 reports us treasuries in reserve. We do not track a published reserve breakdown for USDe.
- USDe is deployed on 31 chains — much broader coverage than USD1's 8.
Full comparison table
| Metric | USDe | USD1 |
|---|---|---|
| USD circulation value | $4.73B | $4.36B |
| Rank (by USD value) | #5 | #6 |
| Peg | USD | USD |
| Mechanism | crypto-backed | fiat-backed |
| Backing | Delta-neutral (ETH/BTC perpetual futures) | US Treasuries |
| Chains deployed | 31 | 8 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Ethena Labs | World Liberty Financial |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDe and USD1?
Both track USD, so they compete for the same use cases. USD1 holds us treasuries. We track no published reserve breakdown for USDe. USDe ranks #5 by USD value and USD1 ranks #6.
Which is bigger, USDe or USD1?
USDe is larger, with $4.73B in circulation vs $4.36B for USD1. That's roughly 1.1× the size.
Is USDe safer than USD1?
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; USD1 uses a fiat-backed one. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USDe and USD1?
Yes. USDe and USD1 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 USD1?
The right choice depends on your use case. Consider: which chain do you need? USDe is available on 31 chains and USD1 on 8. 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.