Sky Dollar vs Ethena USDe — side-by-side comparison of supply, chains, backing, and peg data.
| Metric | USDS | USDe |
|---|---|---|
| USD circulation value | $6.54B | $3.94B |
| Rank (by USD value) | #3 | #6 |
| Peg | USD | USD |
| Mechanism | crypto-backed | crypto-backed |
| Backing | Backed by DAI/USDC | Delta-neutral (ETH/BTC perpetual futures) |
| Chains deployed | 7 | 31 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Sky Dollar | Ethena USDe |
| CoinGecko | View → | View → |
Both USDS and USDe track USD, but they differ in backing and issuer. USDS is backed by backed by dai/usdc while USDe is backed by delta-neutral (eth/btc perpetual futures). As of today, USDS ranks #3 and USDe ranks #6 among tracked stablecoins.
USDS is larger, with $6.54B in circulation vs $3.94B for USDe. That's roughly 1.7× the size.
Neither USDS nor USDe is inherently "safer" — safety depends on the specific backing composition, issuer transparency, redemption rights, and regulatory oversight. USDS uses crypto-backed backing model; USDe uses crypto-backed. Users should read each issuer's most recent reserve attestation before choosing.
Yes. USDS and USDe 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 USDe on 31. 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.