Sky Dollar vs Global Dollar — side-by-side comparison of supply, chains, backing, and peg data.
| Metric | USDS | USDG |
|---|---|---|
| USD circulation value | $6.54B | $3.26B |
| 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 Dollar | Global Dollar |
| CoinGecko | View → | View → |
Both USDS and USDG track USD, but they differ in backing and issuer. USDS is backed by backed by dai/usdc while USDG is backed by cash reserves (paxos). As of today, USDS ranks #3 and USDG ranks #7 among tracked stablecoins.
USDS is larger, with $6.54B in circulation vs $3.26B for USDG. That's roughly 2.0× the size.
Neither USDS nor USDG is inherently "safer" — safety depends on the specific backing composition, issuer transparency, redemption rights, and regulatory oversight. USDS uses crypto-backed backing model; USDG uses fiat-backed. Users should read each issuer's most recent reserve attestation before choosing.
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.
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.