Circle USYC vs GHO — side-by-side comparison of supply, chains, backing, and peg data.
| Metric | USYC | GHO |
|---|---|---|
| USD circulation value | $3.01B | $648.2M |
| Rank (by USD value) | #8 | #18 |
| Peg | USD | USD |
| Mechanism | fiat-backed | crypto-backed |
| Backing | Tokenized US Treasuries | Overcollateralized (Aave) |
| Chains deployed | 2 | 2 |
| Primary chain | BSC | Ethereum |
| Issuer | Circle USYC | GHO |
| CoinGecko | View → | View → |
Both USYC and GHO track USD, but they differ in backing and issuer. USYC is backed by tokenized us treasuries while GHO is backed by overcollateralized (aave). As of today, USYC ranks #8 and GHO ranks #18 among tracked stablecoins.
USYC is larger, with $3.01B in circulation vs $648.2M for GHO. That's roughly 4.6× the size.
Neither USYC nor GHO is inherently "safer" — safety depends on the specific backing composition, issuer transparency, redemption rights, and regulatory oversight. USYC uses fiat-backed backing model; GHO uses crypto-backed. Users should read each issuer's most recent reserve attestation before choosing.
Yes. USYC 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.
The right choice depends on your use case. Consider: which chain do you need? USYC is available on 2 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.