USDGvsGHO
Global Dollar vs GHO — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDG — Global Dollar
GHO — GHO
30-day peg stability dotted line = target · both charts share one scale
What the last 30 days show
Supply moved almost identically over the last 30 days: USDG +17.6%, GHO +16.7%. GHO held the tighter band: worst deviation 26 bps against 33 bps.
Key differences
- USDG is roughly 4.9× larger than GHO by USD circulation value ($3.42B vs $697.5M).
- USDG ranks #7 while GHO ranks #17 among all tracked stablecoins.
- Both are pegged to the same currency (USD), so they compete directly for the same use cases.
- USDG is a fiat-backed stablecoin; GHO is crypto-backed. Different mechanism, different failure modes.
- Reserves differ — USDG holds cash reserves (paxos), GHO holds overcollateralized (aave).
- USDG is deployed on 6 chains — much broader coverage than GHO's 2.
- Primary chain differs — most USDG supply lives on X Layer, while most GHO supply is on Ethereum.
Full comparison table
| Metric | USDG | GHO |
|---|---|---|
| USD circulation value | $3.42B | $697.5M |
| Rank (by USD value) | #7 | #17 |
| Peg | USD | USD |
| Mechanism | fiat-backed | crypto-backed |
| Backing | Cash reserves (Paxos) | Overcollateralized (Aave) |
| Chains deployed | 6 | 2 |
| Primary chain | X Layer | Ethereum |
| Issuer | Paxos Trust Company | Aave |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDG and GHO?
Both track USD, so they compete for the same use cases. USDG holds cash reserves (paxos); GHO holds overcollateralized (aave). USDG ranks #7 by USD value and GHO ranks #17.
Which is bigger, USDG or GHO?
USDG is larger, with $3.42B in circulation vs $697.5M for GHO. That's roughly 4.9× the size.
Is USDG safer than GHO?
Neither is inherently safer. Safety turns on reserve composition, issuer transparency, redemption rights and regulatory oversight — none of which this page audits. USDG uses a fiat-backed model; GHO uses a crypto-backed one. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USDG and GHO?
Yes. USDG and GHO 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 USDG or GHO?
The right choice depends on your use case. Consider: which chain do you need? USDG is available on 6 chains and GHO 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.