USDSvsUSDY
Sky Dollar vs Ondo US Dollar Yield — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDS — Sky Dollar
USDY — Ondo US Dollar Yield
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 USDY -0.9% — USDY grew faster. USDS held the tighter band: worst deviation 4 bps against 1422 bps.
Key differences
- USDS is roughly 3.1× larger than USDY by USD circulation value ($6.70B vs $2.14B).
- USDS ranks #3 while USDY ranks #11 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; USDY is fiat-backed. Different mechanism, different failure modes.
- Reserves differ — USDS holds backed by dai/usdc, USDY holds tokenized us treasuries (ondo).
- USDY is deployed on 15 chains — much broader coverage than USDS's 7.
Full comparison table
| Metric | USDS | USDY |
|---|---|---|
| USD circulation value | $6.70B | $2.14B |
| Rank (by USD value) | #3 | #11 |
| Peg | USD | USD |
| Mechanism | crypto-backed | fiat-backed |
| Backing | Backed by DAI/USDC | Tokenized US Treasuries (Ondo) |
| Chains deployed | 7 | 15 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Sky | Ondo Finance |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDS and USDY?
Both track USD, so they compete for the same use cases. USDS holds backed by dai/usdc; USDY holds tokenized us treasuries (ondo). USDS ranks #3 by USD value and USDY ranks #11.
Which is bigger, USDS or USDY?
USDS is larger, with $6.70B in circulation vs $2.14B for USDY. That's roughly 3.1× the size.
Is USDS safer than USDY?
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; USDY uses a fiat-backed one. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USDS and USDY?
Yes. USDS and USDY 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 USDY?
The right choice depends on your use case. Consider: which chain do you need? USDS is available on 7 chains and USDY on 15. 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.