USDSvsUSDe
Sky Dollar vs Ethena USDe — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDS — Sky Dollar
USDe — Ethena USDe
30-day peg stability dotted line = target · both charts share one scale
What the last 30 days show
Over the last 30 days USDS supply moved -11.1% and USDe -7.4% — USDe grew faster. Both held within about 6 bps of target across the same window.
Key differences
- USDS is roughly 1.7× larger than USDe by USD circulation value ($6.70B vs $3.92B).
- USDS ranks #3 while USDe ranks #6 among all tracked stablecoins.
- Both are pegged to the same currency (USD), so they compete directly for the same use cases.
- Both are crypto-backed stablecoins, so the mechanism is not what separates them.
- USDS reports backed by dai/usdc in reserve. We do not track a published reserve breakdown for USDe.
- USDe is deployed on 31 chains — much broader coverage than USDS's 7.
Full comparison table
| Metric | USDS | USDe |
|---|---|---|
| USD circulation value | $6.70B | $3.92B |
| 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 | Ethena Labs |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDS and USDe?
Both track USD, so they compete for the same use cases. USDS holds backed by dai/usdc. We track no published reserve breakdown for USDe. USDS ranks #3 by USD value and USDe ranks #6.
Which is bigger, USDS or USDe?
USDS is larger, with $6.70B in circulation vs $3.92B for USDe. That's roughly 1.7× the size.
Is USDS safer than USDe?
Neither is inherently safer. Safety turns on reserve composition, issuer transparency, redemption rights and regulatory oversight — none of which this page audits. Both use a crypto-backed model, so the difference sits in the issuer and the reserves rather than the design. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USDS and USDe?
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.
Should I choose USDS or USDe?
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.