USDevsUSDY
Ethena USDe vs Ondo US Dollar Yield — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDe — Ethena USDe
USDY — Ondo US Dollar Yield
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 USDY -0.9% — USDY grew faster. USDe held the tighter band: worst deviation 6 bps against 1422 bps.
Key differences
- USDe is roughly 1.8× larger than USDY by USD circulation value ($3.92B vs $2.14B).
- USDe ranks #6 while USDY ranks #11 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; USDY is fiat-backed. Different mechanism, different failure modes.
- USDY reports tokenized us treasuries (ondo) in reserve. We do not track a published reserve breakdown for USDe.
- USDe is deployed on 31 chains — much broader coverage than USDY's 15.
Full comparison table
| Metric | USDe | USDY |
|---|---|---|
| USD circulation value | $3.92B | $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 Labs | Ondo Finance |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDe and USDY?
Both track USD, so they compete for the same use cases. USDY holds tokenized us treasuries (ondo). We track no published reserve breakdown for USDe. USDe ranks #6 by USD value and USDY ranks #11.
Which is bigger, USDe or USDY?
USDe is larger, with $3.92B in circulation vs $2.14B for USDY. That's roughly 1.8× the size.
Is USDe safer than USDY?
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; USDY uses a fiat-backed one. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USDe and USDY?
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.
Should I choose USDe or USDY?
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.