Sky Dollar vs Ondo US Dollar Yield — side-by-side comparison of supply, chains, backing, and peg data.
| Metric | USDS | USDY |
|---|---|---|
| USD circulation value | $6.54B | $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 Dollar | Ondo US Dollar Yield |
| CoinGecko | View → | View → |
Both USDS and USDY track USD, but they differ in backing and issuer. USDS is backed by backed by dai/usdc while USDY is backed by tokenized us treasuries (ondo). As of today, USDS ranks #3 and USDY ranks #11 among tracked stablecoins.
USDS is larger, with $6.54B in circulation vs $2.14B for USDY. That's roughly 3.1× the size.
Neither USDS nor USDY is inherently "safer" — safety depends on the specific backing composition, issuer transparency, redemption rights, and regulatory oversight. USDS uses crypto-backed backing model; USDY uses fiat-backed. Users should read each issuer's most recent reserve attestation before choosing.
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.
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.