USDevsUSYC
Ethena USDe vs Circle USYC — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDe — Ethena USDe
USYC — Circle USYC
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 USYC -3.6% — USYC grew faster. USDe held the tighter band: worst deviation 6 bps against 1328 bps.
Key differences
- USDe is roughly 1.3× larger than USYC by USD circulation value ($3.92B vs $3.00B).
- USDe ranks #6 while USYC ranks #8 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; USYC is fiat-backed. Different mechanism, different failure modes.
- USYC reports tokenized us treasuries in reserve. We do not track a published reserve breakdown for USDe.
- USDe is deployed on 31 chains — much broader coverage than USYC's 2.
- Primary chain differs — most USDe supply lives on Ethereum, while most USYC supply is on BSC.
Full comparison table
| Metric | USDe | USYC |
|---|---|---|
| USD circulation value | $3.92B | $3.00B |
| Rank (by USD value) | #6 | #8 |
| Peg | USD | USD |
| Mechanism | crypto-backed | fiat-backed |
| Backing | Delta-neutral (ETH/BTC perpetual futures) | Tokenized US Treasuries |
| Chains deployed | 31 | 2 |
| Primary chain | Ethereum | BSC |
| Issuer | Ethena Labs | Circle |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDe and USYC?
Both track USD, so they compete for the same use cases. USYC holds tokenized us treasuries. We track no published reserve breakdown for USDe. USDe ranks #6 by USD value and USYC ranks #8.
Which is bigger, USDe or USYC?
USDe is larger, with $3.92B in circulation vs $3.00B for USYC. That's roughly 1.3× the size.
Is USDe safer than USYC?
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; USYC uses a fiat-backed one. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USDe and USYC?
Yes. USDe and USYC 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 USYC?
The right choice depends on your use case. Consider: which chain do you need? USDe is available on 31 chains and USYC 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.