USDevsUSDTB
Ethena USDe vs Ethena USDtb — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDe — Ethena USDe
USDTB — Ethena USDtb
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 USDTB +30.6% — USDTB grew faster. USDTB held the tighter band: worst deviation 7 bps against 9 bps.
Key differences
- USDe is roughly 9.0× larger than USDTB by USD circulation value ($4.73B vs $527.4M).
- USDe ranks #5 while USDTB ranks #20 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; USDTB is fiat-backed. Different mechanism, different failure modes.
- USDTB reports tokenized us treasuries (ethena) in reserve. We do not track a published reserve breakdown for USDe.
- USDe is deployed on 31 chains — much broader coverage than USDTB's 2.
Full comparison table
| Metric | USDe | USDTB |
|---|---|---|
| USD circulation value | $4.73B | $527.4M |
| Rank (by USD value) | #5 | #20 |
| Peg | USD | USD |
| Mechanism | crypto-backed | fiat-backed |
| Backing | Delta-neutral (ETH/BTC perpetual futures) | Tokenized US Treasuries (Ethena) |
| Chains deployed | 31 | 2 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Ethena Labs | Ethena Labs |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDe and USDTB?
Both track USD, so they compete for the same use cases. USDTB holds tokenized us treasuries (ethena). We track no published reserve breakdown for USDe. USDe ranks #5 by USD value and USDTB ranks #20.
Which is bigger, USDe or USDTB?
USDe is larger, with $4.73B in circulation vs $527.4M for USDTB. That's roughly 9.0× the size.
Is USDe safer than USDTB?
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; USDTB uses a fiat-backed one. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USDe and USDTB?
Yes. USDe and USDTB 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 USDTB?
The right choice depends on your use case. Consider: which chain do you need? USDe is available on 31 chains and USDTB 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.