Ethena USDe vs Ondo US Dollar Yield — side-by-side comparison of supply, chains, backing, and peg data.
| Metric | USDe | USDY |
|---|---|---|
| USD circulation value | $3.94B | $2.14B |
| Rank (by USD value) | #6 | #11 |
| Peg | USD | USD |
| Mechanism | crypto-backed | fiat-backed |
| Backing | Delta-neutral (ETH/BTC perpetual futures) | Tokenized US Treasuries (Ondo) |
| Chains deployed | 31 | 15 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Ethena USDe | Ondo US Dollar Yield |
| CoinGecko | View → | View → |
Both USDe and USDY track USD, but they differ in backing and issuer. USDe is backed by delta-neutral (eth/btc perpetual futures) while USDY is backed by tokenized us treasuries (ondo). As of today, USDe ranks #6 and USDY ranks #11 among tracked stablecoins.
USDe is larger, with $3.94B in circulation vs $2.14B for USDY. That's roughly 1.8× the size.
Neither USDe nor USDY is inherently "safer" — safety depends on the specific backing composition, issuer transparency, redemption rights, and regulatory oversight. USDe uses crypto-backed backing model; USDY uses fiat-backed. Users should read each issuer's most recent reserve attestation before choosing.
Yes. USDe and USDY 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.
The right choice depends on your use case. Consider: which chain do you need? USDe is available on 31 chains and USDY on 15. 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.