USDevsUSDf
Ethena USDe vs Falcon USD — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDe — Ethena USDe
USDf — Falcon 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 USDf -0.3% — USDf grew faster. USDe held the tighter band: worst deviation 6 bps against 54 bps.
Key differences
- USDe is roughly 3.1× larger than USDf by USD circulation value ($3.92B vs $1.26B).
- USDe ranks #6 while USDf ranks #14 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.
- USDe is deployed on 31 chains — much broader coverage than USDf's 2.
Full comparison table
| Metric | USDe | USDf |
|---|---|---|
| USD circulation value | $3.92B | $1.26B |
| Rank (by USD value) | #6 | #14 |
| Peg | USD | USD |
| Mechanism | crypto-backed | crypto-backed |
| Backing | Delta-neutral (ETH/BTC perpetual futures) | Delta-neutral (Falcon) |
| Chains deployed | 31 | 2 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Ethena Labs | Falcon Finance |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDe and USDf?
Both track USD, so they compete for the same use cases. We track no published reserve breakdown for either coin. USDe ranks #6 by USD value and USDf ranks #14.
Which is bigger, USDe or USDf?
USDe is larger, with $3.92B in circulation vs $1.26B for USDf. That's roughly 3.1× the size.
Is USDe safer than USDf?
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 USDf?
Yes. USDe and USDf 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 USDf?
The right choice depends on your use case. Consider: which chain do you need? USDe is available on 31 chains and USDf 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.