USDSvsOUSD
Sky Dollar vs Open USD — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDS — Sky Dollar
OUSD — Open USD
30-day peg stability dotted line = target · both charts share one scale
What the last 30 days show
OUSD held the tighter band: worst deviation 3 bps against 7 bps.
Key differences
- USDS is roughly 10.0× larger than OUSD by USD circulation value ($7.02B vs $698.8M).
- USDS ranks #3 while OUSD ranks #17 among all tracked stablecoins.
- Both are pegged to the same currency (USD), so they compete directly for the same use cases.
- USDS is a crypto-backed stablecoin; OUSD is fiat-backed. Different mechanism, different failure modes.
- USDS reports backed by dai/usdc in reserve. We do not track a published reserve breakdown for OUSD.
- USDS is deployed on 7 chains — much broader coverage than OUSD's 4.
- Primary chain differs — most USDS supply lives on Ethereum, while most OUSD supply is on Tempo.
Full comparison table
| Metric | USDS | OUSD |
|---|---|---|
| USD circulation value | $7.02B | $698.8M |
| Rank (by USD value) | #3 | #17 |
| Peg | USD | USD |
| Mechanism | crypto-backed | fiat-backed |
| Backing | Backed by DAI/USDC | — |
| Chains deployed | 7 | 4 |
| Primary chain | Ethereum | Tempo |
| Issuer | Sky | — |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDS and OUSD?
Both track USD, so they compete for the same use cases. USDS holds backed by dai/usdc. We track no published reserve breakdown for OUSD. USDS ranks #3 by USD value and OUSD ranks #17.
Which is bigger, USDS or OUSD?
USDS is larger, with $7.02B in circulation vs $698.8M for OUSD. That's roughly 10.0× the size.
Is USDS safer than OUSD?
Neither is inherently safer. Safety turns on reserve composition, issuer transparency, redemption rights and regulatory oversight — none of which this page audits. USDS uses a crypto-backed model; OUSD uses a fiat-backed one. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USDS and OUSD?
Yes. USDS and OUSD 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 USDS or OUSD?
The right choice depends on your use case. Consider: which chain do you need? USDS is available on 7 chains and OUSD 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.