USDTvsUSDS
Tether vs Sky Dollar — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDT — Tether
USDS — Sky Dollar
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 USDS -11.1% — USDT grew faster. USDS held the tighter band: worst deviation 4 bps against 14 bps.
Key differences
- USDT is roughly 27.3× larger than USDS by USD circulation value ($183.08B vs $6.70B).
- USDT ranks #1 while USDS ranks #3 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; USDS is crypto-backed. Different mechanism, different failure modes.
- Reserves differ — USDT holds cash & t-bills, USDS holds backed by dai/usdc.
- USDT is deployed on 130 chains — much broader coverage than USDS's 7.
- Primary chain differs — most USDT supply lives on Tron, while most USDS supply is on Ethereum.
Full comparison table
| Metric | USDT | USDS |
|---|---|---|
| USD circulation value | $183.08B | $6.70B |
| Rank (by USD value) | #1 | #3 |
| Peg | USD | USD |
| Mechanism | fiat-backed | crypto-backed |
| Backing | Cash & T-bills | Backed by DAI/USDC |
| Chains deployed | 130 | 7 |
| Primary chain | Tron | Ethereum |
| Issuer | Tether Limited | Sky |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDT and USDS?
Both track USD, so they compete for the same use cases. USDT holds cash & t-bills; USDS holds backed by dai/usdc. USDT ranks #1 by USD value and USDS ranks #3.
Which is bigger, USDT or USDS?
USDT is larger, with $183.08B in circulation vs $6.70B for USDS. That's roughly 27.3× the size.
Is USDT safer than USDS?
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; USDS uses a crypto-backed one. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USDT and USDS?
Yes. USDT and USDS 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 USDS?
The right choice depends on your use case. Consider: which chain do you need? USDT is available on 130 chains and USDS on 7. 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.