USDSvsUSDG
Sky Dollar vs Global Dollar — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDS — Sky Dollar
USDG — Global Dollar
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 USDG +17.6% — USDG grew faster. USDS held the tighter band: worst deviation 4 bps against 33 bps.
Key differences
- USDS is roughly 2.0× larger than USDG by USD circulation value ($6.70B vs $3.42B).
- USDS ranks #3 while USDG ranks #7 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; USDG is fiat-backed. Different mechanism, different failure modes.
- Reserves differ — USDS holds backed by dai/usdc, USDG holds cash reserves (paxos).
- Chain coverage is comparable: USDS on 7 chains, USDG on 6.
- Primary chain differs — most USDS supply lives on Ethereum, while most USDG supply is on X Layer.
Full comparison table
| Metric | USDS | USDG |
|---|---|---|
| USD circulation value | $6.70B | $3.42B |
| Rank (by USD value) | #3 | #7 |
| Peg | USD | USD |
| Mechanism | crypto-backed | fiat-backed |
| Backing | Backed by DAI/USDC | Cash reserves (Paxos) |
| Chains deployed | 7 | 6 |
| Primary chain | Ethereum | X Layer |
| Issuer | Sky | Paxos Trust Company |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDS and USDG?
Both track USD, so they compete for the same use cases. USDS holds backed by dai/usdc; USDG holds cash reserves (paxos). USDS ranks #3 by USD value and USDG ranks #7.
Which is bigger, USDS or USDG?
USDS is larger, with $6.70B in circulation vs $3.42B for USDG. That's roughly 2.0× the size.
Is USDS safer than USDG?
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; USDG uses a fiat-backed one. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USDS and USDG?
Yes. USDS and USDG 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 USDG?
The right choice depends on your use case. Consider: which chain do you need? USDS is available on 7 chains and USDG on 6. 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.