Sky Dollar vs GHO — side-by-side comparison of supply, chains, backing, and peg data.
| Metric | USDS | GHO |
|---|---|---|
| USD circulation value | $6.54B | $648.2M |
| Rank (by USD value) | #3 | #18 |
| Peg | USD | USD |
| Mechanism | crypto-backed | crypto-backed |
| Backing | Backed by DAI/USDC | Overcollateralized (Aave) |
| Chains deployed | 7 | 2 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Sky Dollar | GHO |
| CoinGecko | View → | View → |
Both USDS and GHO track USD, but they differ in backing and issuer. USDS is backed by backed by dai/usdc while GHO is backed by overcollateralized (aave). As of today, USDS ranks #3 and GHO ranks #18 among tracked stablecoins.
USDS is larger, with $6.54B in circulation vs $648.2M for GHO. That's roughly 10.1× the size.
Neither USDS nor GHO is inherently "safer" — safety depends on the specific backing composition, issuer transparency, redemption rights, and regulatory oversight. USDS uses crypto-backed backing model; GHO uses crypto-backed. Users should read each issuer's most recent reserve attestation before choosing.
Yes. USDS 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.
The right choice depends on your use case. Consider: which chain do you need? USDS is available on 7 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.