USDYvsGHO
Ondo US Dollar Yield vs GHO — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDY — Ondo US Dollar Yield
GHO — GHO
30-day peg stability dotted line = target · both charts share one scale
What the last 30 days show
Over the last 30 days USDY supply moved -0.9% and GHO +16.7% — GHO grew faster. GHO held the tighter band: worst deviation 26 bps against 1422 bps.
Key differences
- USDY is roughly 3.1× larger than GHO by USD circulation value ($2.14B vs $697.5M).
- USDY ranks #11 while GHO ranks #17 among all tracked stablecoins.
- Both are pegged to the same currency (USD), so they compete directly for the same use cases.
- USDY is a fiat-backed stablecoin; GHO is crypto-backed. Different mechanism, different failure modes.
- Reserves differ — USDY holds tokenized us treasuries (ondo), GHO holds overcollateralized (aave).
- USDY is deployed on 15 chains — much broader coverage than GHO's 2.
Full comparison table
| Metric | USDY | GHO |
|---|---|---|
| USD circulation value | $2.14B | $697.5M |
| Rank (by USD value) | #11 | #17 |
| Peg | USD | USD |
| Mechanism | fiat-backed | crypto-backed |
| Backing | Tokenized US Treasuries (Ondo) | Overcollateralized (Aave) |
| Chains deployed | 15 | 2 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Ondo Finance | Aave |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDY and GHO?
Both track USD, so they compete for the same use cases. USDY holds tokenized us treasuries (ondo); GHO holds overcollateralized (aave). USDY ranks #11 by USD value and GHO ranks #17.
Which is bigger, USDY or GHO?
USDY is larger, with $2.14B in circulation vs $697.5M for GHO. That's roughly 3.1× the size.
Is USDY safer than GHO?
Neither is inherently safer. Safety turns on reserve composition, issuer transparency, redemption rights and regulatory oversight — none of which this page audits. USDY uses a fiat-backed model; GHO uses a crypto-backed one. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USDY and GHO?
Yes. USDY and GHO 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 USDY or GHO?
The right choice depends on your use case. Consider: which chain do you need? USDY is available on 15 chains and GHO 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.