USDevsUSDX
Ethena USDe vs USDX Money USDX — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDe — Ethena USDe
USDX — USDX Money USDX
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 USDX +0.0% — USDe grew faster. USDe held the tighter band: worst deviation 9 bps against 9912 bps.
Key differences
- USDe is roughly 6.9× larger than USDX by USD circulation value ($4.73B vs $683.4M).
- USDe ranks #5 while USDX ranks #18 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 USDX's 3.
- Primary chain differs — most USDe supply lives on Ethereum, while most USDX supply is on BSC.
Full comparison table
| Metric | USDe | USDX |
|---|---|---|
| USD circulation value | $4.73B | $683.4M |
| Rank (by USD value) | #5 | #18 |
| Peg | USD | USD |
| Mechanism | crypto-backed | crypto-backed |
| Backing | Delta-neutral (ETH/BTC perpetual futures) | — |
| Chains deployed | 31 | 3 |
| Primary chain | Ethereum | BSC |
| Issuer | Ethena Labs | — |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDe and USDX?
Both track USD, so they compete for the same use cases. We track no published reserve breakdown for either coin. USDe ranks #5 by USD value and USDX ranks #18.
Which is bigger, USDe or USDX?
USDe is larger, with $4.73B in circulation vs $683.4M for USDX. That's roughly 6.9× the size.
Is USDe safer than USDX?
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 USDX?
Yes. USDe and USDX 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 USDX?
The right choice depends on your use case. Consider: which chain do you need? USDe is available on 31 chains and USDX on 3. 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.