USDTvsUSDY
Tether vs Ondo US Dollar Yield — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDT — Tether
USDY — Ondo US Dollar Yield
30-day peg stability dotted line = target · both charts share one scale
What the last 30 days show
Supply moved almost identically over the last 30 days: USDT -0.6%, USDY -0.9%. USDT held the tighter band: worst deviation 14 bps against 1422 bps.
Key differences
- USDT is roughly 85.5× larger than USDY by USD circulation value ($183.08B vs $2.14B).
- USDT ranks #1 while USDY ranks #11 among all tracked stablecoins.
- Both are pegged to the same currency (USD), so they compete directly for the same use cases.
- Both are fiat-backed stablecoins, so the mechanism is not what separates them.
- Reserves differ — USDT holds cash & t-bills, USDY holds tokenized us treasuries (ondo).
- USDT is deployed on 130 chains — much broader coverage than USDY's 15.
- Primary chain differs — most USDT supply lives on Tron, while most USDY supply is on Ethereum.
Full comparison table
| Metric | USDT | USDY |
|---|---|---|
| USD circulation value | $183.08B | $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 Limited | Ondo Finance |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDT and USDY?
Both track USD, so they compete for the same use cases. USDT holds cash & t-bills; USDY holds tokenized us treasuries (ondo). USDT ranks #1 by USD value and USDY ranks #11.
Which is bigger, USDT or USDY?
USDT is larger, with $183.08B in circulation vs $2.14B for USDY. That's roughly 85.5× the size.
Is USDT safer than USDY?
Neither is inherently safer. Safety turns on reserve composition, issuer transparency, redemption rights and regulatory oversight — none of which this page audits. Both use a fiat-backed model, so the difference sits in the issuer and the reserves rather than the design. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USDT and USDY?
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.
Should I choose USDT or USDY?
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.