USDevsUSDG
Ethena USDe vs Global Dollar — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDe — Ethena USDe
USDG — Global Dollar
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 USDG +17.6% — USDG grew faster. USDe held the tighter band: worst deviation 6 bps against 33 bps.
Key differences
- USDe is roughly 1.1× larger than USDG by USD circulation value ($3.92B vs $3.42B).
- USDe ranks #6 while USDG ranks #7 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; USDG is fiat-backed. Different mechanism, different failure modes.
- USDG reports cash reserves (paxos) in reserve. We do not track a published reserve breakdown for USDe.
- USDe is deployed on 31 chains — much broader coverage than USDG's 6.
- Primary chain differs — most USDe supply lives on Ethereum, while most USDG supply is on X Layer.
Full comparison table
| Metric | USDe | USDG |
|---|---|---|
| USD circulation value | $3.92B | $3.42B |
| Rank (by USD value) | #6 | #7 |
| Peg | USD | USD |
| Mechanism | crypto-backed | fiat-backed |
| Backing | Delta-neutral (ETH/BTC perpetual futures) | Cash reserves (Paxos) |
| Chains deployed | 31 | 6 |
| Primary chain | Ethereum | X Layer |
| Issuer | Ethena Labs | Paxos Trust Company |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDe and USDG?
Both track USD, so they compete for the same use cases. USDG holds cash reserves (paxos). We track no published reserve breakdown for USDe. USDe ranks #6 by USD value and USDG ranks #7.
Which is bigger, USDe or USDG?
USDe is larger, with $3.92B in circulation vs $3.42B for USDG. That's roughly 1.1× the size.
Is USDe safer than USDG?
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; USDG uses a fiat-backed one. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USDe and USDG?
Yes. USDe and USDG 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 USDG?
The right choice depends on your use case. Consider: which chain do you need? USDe is available on 31 chains and USDG on 6. 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.