Sky Dollar vs Ripple USD — side-by-side comparison of supply, chains, backing, and peg data.
| Metric | USDS | RLUSD |
|---|---|---|
| USD circulation value | $6.54B | $1.59B |
| Rank (by USD value) | #3 | #12 |
| Peg | USD | USD |
| Mechanism | crypto-backed | fiat-backed |
| Backing | Backed by DAI/USDC | Cash & deposits (Ripple) |
| Chains deployed | 7 | 2 |
| Primary chain | Ethereum | XRPL |
| Issuer | Sky Dollar | Ripple USD |
| CoinGecko | View → | View → |
Both USDS and RLUSD track USD, but they differ in backing and issuer. USDS is backed by backed by dai/usdc while RLUSD is backed by cash & deposits (ripple). As of today, USDS ranks #3 and RLUSD ranks #12 among tracked stablecoins.
USDS is larger, with $6.54B in circulation vs $1.59B for RLUSD. That's roughly 4.1× the size.
Neither USDS nor RLUSD is inherently "safer" — safety depends on the specific backing composition, issuer transparency, redemption rights, and regulatory oversight. USDS uses crypto-backed backing model; RLUSD uses fiat-backed. Users should read each issuer's most recent reserve attestation before choosing.
Yes. USDS and RLUSD 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 RLUSD 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.