USDTvsUSDe
Tether vs Ethena USDe — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDT — Tether
USDe — Ethena USDe
30-day peg stability dotted line = target · both charts share one scale
What the last 30 days show
Over the last 30 days USDT supply moved -0.6% and USDe -7.4% — USDT grew faster. USDe held the tighter band: worst deviation 6 bps against 14 bps.
Key differences
- USDT is roughly 46.8× larger than USDe by USD circulation value ($183.08B vs $3.92B).
- USDT ranks #1 while USDe ranks #6 among all tracked stablecoins.
- Both are pegged to the same currency (USD), so they compete directly for the same use cases.
- USDT is a fiat-backed stablecoin; USDe is crypto-backed. Different mechanism, different failure modes.
- USDT reports cash & t-bills in reserve. We do not track a published reserve breakdown for USDe.
- USDT is deployed on 130 chains — much broader coverage than USDe's 31.
- Primary chain differs — most USDT supply lives on Tron, while most USDe supply is on Ethereum.
Full comparison table
| Metric | USDT | USDe |
|---|---|---|
| USD circulation value | $183.08B | $3.92B |
| Rank (by USD value) | #1 | #6 |
| Peg | USD | USD |
| Mechanism | fiat-backed | crypto-backed |
| Backing | Cash & T-bills | Delta-neutral (ETH/BTC perpetual futures) |
| Chains deployed | 130 | 31 |
| Primary chain | Tron | Ethereum |
| Issuer | Tether Limited | Ethena Labs |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDT and USDe?
Both track USD, so they compete for the same use cases. USDT holds cash & t-bills. We track no published reserve breakdown for USDe. USDT ranks #1 by USD value and USDe ranks #6.
Which is bigger, USDT or USDe?
USDT is larger, with $183.08B in circulation vs $3.92B for USDe. That's roughly 46.8× the size.
Is USDT safer than USDe?
Neither is inherently safer. Safety turns on reserve composition, issuer transparency, redemption rights and regulatory oversight — none of which this page audits. USDT uses a fiat-backed model; USDe uses a crypto-backed one. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USDT and USDe?
Yes. USDT and USDe 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 USDT or USDe?
The right choice depends on your use case. Consider: which chain do you need? USDT is available on 130 chains and USDe on 31. 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.