Tether vs Ondo US Dollar Yield — side-by-side comparison of supply, chains, backing, and peg data.
| Metric | USDT | USDY |
|---|---|---|
| USD circulation value | $183.92B | $2.14B |
| Rank (by USD value) | #1 | #11 |
| Peg | USD | USD |
| Mechanism | fiat-backed | fiat-backed |
| Backing | Cash & T-bills | Tokenized US Treasuries (Ondo) |
| Chains deployed | 130 | 15 |
| Primary chain | Tron | Ethereum |
| Issuer | Tether | Ondo US Dollar Yield |
| CoinGecko | View → | View → |
Both USDT and USDY track USD, but they differ in backing and issuer. USDT is backed by cash & t-bills while USDY is backed by tokenized us treasuries (ondo). As of today, USDT ranks #1 and USDY ranks #11 among tracked stablecoins.
USDT is larger, with $183.92B in circulation vs $2.14B for USDY. That's roughly 85.9× the size.
Neither USDT nor USDY is inherently "safer" — safety depends on the specific backing composition, issuer transparency, redemption rights, and regulatory oversight. USDT uses fiat-backed backing model; USDY uses fiat-backed. Users should read each issuer's most recent reserve attestation before choosing.
Yes. USDT 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? USDT is available on 130 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.