USDevsYLDS
Ethena USDe vs YLDS — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDe — Ethena USDe
YLDS — YLDS
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 YLDS +23.0% — YLDS grew faster. Both held within about 8 bps of target across the same window.
Key differences
- USDe is roughly 6.0× larger than YLDS by USD circulation value ($3.92B vs $656.3M).
- USDe ranks #6 while YLDS ranks #18 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; YLDS is fiat-backed. Different mechanism, different failure modes.
- YLDS reports tokenized us treasuries (sec registered) in reserve. We do not track a published reserve breakdown for USDe.
- USDe is deployed on 31 chains — much broader coverage than YLDS's 4.
Full comparison table
| Metric | USDe | YLDS |
|---|---|---|
| USD circulation value | $3.92B | $656.3M |
| Rank (by USD value) | #6 | #18 |
| Peg | USD | USD |
| Mechanism | crypto-backed | fiat-backed |
| Backing | Delta-neutral (ETH/BTC perpetual futures) | Tokenized US Treasuries (SEC registered) |
| Chains deployed | 31 | 4 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Ethena Labs | Figure Markets |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDe and YLDS?
Both track USD, so they compete for the same use cases. YLDS holds tokenized us treasuries (sec registered). We track no published reserve breakdown for USDe. USDe ranks #6 by USD value and YLDS ranks #18.
Which is bigger, USDe or YLDS?
USDe is larger, with $3.92B in circulation vs $656.3M for YLDS. That's roughly 6.0× the size.
Is USDe safer than YLDS?
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; YLDS uses a fiat-backed one. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USDe and YLDS?
Yes. USDe and YLDS 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 YLDS?
The right choice depends on your use case. Consider: which chain do you need? USDe is available on 31 chains and YLDS on 4. 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.