USDevsUSX
Ethena USDe vs Solstice USX — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDe — Ethena USDe
USX — Solstice USX
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 USX -2.1% — USX grew faster. USDe held the tighter band: worst deviation 6 bps against 10 bps.
Key differences
- USDe is roughly 7.7× larger than USX by USD circulation value ($3.92B vs $506.6M).
- USDe ranks #6 while USX ranks #20 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.
- USX reports overcollateralized cdp in reserve. We do not track a published reserve breakdown for USDe.
- USDe is deployed on 31 chains — much broader coverage than USX's 1.
- Primary chain differs — most USDe supply lives on Ethereum, while most USX supply is on Solana.
Full comparison table
| Metric | USDe | USX |
|---|---|---|
| USD circulation value | $3.92B | $506.6M |
| Rank (by USD value) | #6 | #20 |
| Peg | USD | USD |
| Mechanism | crypto-backed | crypto-backed |
| Backing | Delta-neutral (ETH/BTC perpetual futures) | Overcollateralized CDP |
| Chains deployed | 31 | 1 |
| Primary chain | Ethereum | Solana |
| Issuer | Ethena Labs | — |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDe and USX?
Both track USD, so they compete for the same use cases. USX holds overcollateralized cdp. We track no published reserve breakdown for USDe. USDe ranks #6 by USD value and USX ranks #20.
Which is bigger, USDe or USX?
USDe is larger, with $3.92B in circulation vs $506.6M for USX. That's roughly 7.7× the size.
Is USDe safer than USX?
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 USX?
Yes. USDe and USX 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 USX?
The right choice depends on your use case. Consider: which chain do you need? USDe is available on 31 chains and USX on 1. 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.