Sky Dollar vs Circle USYC — side-by-side comparison of supply, chains, backing, and peg data.
| Metric | USDS | USYC |
|---|---|---|
| USD circulation value | $6.54B | $3.01B |
| Rank (by USD value) | #3 | #8 |
| Peg | USD | USD |
| Mechanism | crypto-backed | fiat-backed |
| Backing | Backed by DAI/USDC | Tokenized US Treasuries |
| Chains deployed | 7 | 2 |
| Primary chain | Ethereum | BSC |
| Issuer | Sky Dollar | Circle USYC |
| CoinGecko | View → | View → |
Both USDS and USYC track USD, but they differ in backing and issuer. USDS is backed by backed by dai/usdc while USYC is backed by tokenized us treasuries. As of today, USDS ranks #3 and USYC ranks #8 among tracked stablecoins.
USDS is larger, with $6.54B in circulation vs $3.01B for USYC. That's roughly 2.2× the size.
Neither USDS nor USYC is inherently "safer" — safety depends on the specific backing composition, issuer transparency, redemption rights, and regulatory oversight. USDS uses crypto-backed backing model; USYC uses fiat-backed. Users should read each issuer's most recent reserve attestation before choosing.
Yes. USDS and USYC 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 USYC 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.