USDSvsUSDTB
Sky Dollar vs Ethena USDtb — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDS — Sky Dollar
USDTB — Ethena USDtb
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 -3.4% and USDTB +30.6% — USDTB grew faster. Both held within about 7 bps of target across the same window.
Key differences
- USDS is roughly 12.4× larger than USDTB by USD circulation value ($6.52B vs $527.4M).
- USDS ranks #3 while USDTB ranks #20 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; USDTB is fiat-backed. Different mechanism, different failure modes.
- Reserves differ — USDS holds backed by dai/usdc, USDTB holds tokenized us treasuries (ethena).
- USDS is deployed on 7 chains — much broader coverage than USDTB's 2.
Full comparison table
| Metric | USDS | USDTB |
|---|---|---|
| USD circulation value | $6.52B | $527.4M |
| Rank (by USD value) | #3 | #20 |
| Peg | USD | USD |
| Mechanism | crypto-backed | fiat-backed |
| Backing | Backed by DAI/USDC | Tokenized US Treasuries (Ethena) |
| Chains deployed | 7 | 2 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Sky | Ethena Labs |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDS and USDTB?
Both track USD, so they compete for the same use cases. USDS holds backed by dai/usdc; USDTB holds tokenized us treasuries (ethena). USDS ranks #3 by USD value and USDTB ranks #20.
Which is bigger, USDS or USDTB?
USDS is larger, with $6.52B in circulation vs $527.4M for USDTB. That's roughly 12.4× the size.
Is USDS safer than USDTB?
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; USDTB uses a fiat-backed one. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USDS and USDTB?
Yes. USDS and USDTB 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 USDTB?
The right choice depends on your use case. Consider: which chain do you need? USDS is available on 7 chains and USDTB 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.