CIRCLE USYC vs ENA
Circle USYC and Ethena USDtb, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and CIRCLE USYC/ENA spread
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Circle USYC issues dollar-denominated tokenized real-world assets across 2 chains. Value shown is on-chain assets under management.
Verdict band: Adequate
Ethena USDtb issues dollar-denominated tokenized real-world assets across 1 chains. Value shown is on-chain assets under management.
Verdict band: Adequate
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 66 | 64 | CIRCLE USYC |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 55 | 55 | Tie |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $0.00 | $0.00 | Tie |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 48 | 48 | Tie |
| Peg tightness (live)Absolute distance from $1.00 right now — smaller is better. | ●●●●4 of 5 | 0.000% | 0.000% | Tie |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | None recorded | None recorded | Tie |
| Track recordYears live and behaviour through past stress events. | ●●●●4 of 5 | 53 | 53 | Tie |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $2.98B | $357.67M | CIRCLE USYC |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 2 chains | 1 chains | CIRCLE USYC |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | None | None | Tie |
"Matters" is our weighting of how much each dimension typically drives a real allocation decision. Sort any column to re-rank the tradeoffs by what matters to you.
The short answer
CIRCLE USYC scores higher on safety (66 vs 64), driven mainly by collateral quality and disclosure. CIRCLE USYC has deeper tracked liquidity ($0.00), which is what determines whether you can exit at size.
If both are fiat-reserve tokens, note that holding both is not diversification: they share the same short-dated Treasury and banking exposure. Genuine diversification means mixing collateral structures.
Which one fits your goal: CIRCLE USYC or ENA?
Capital preservation over everything else.
For park cash safely, CIRCLE USYC edges out ENA — but it is close enough that either works.
- Safety score 66 vs 64, with collateral rated 55/100.
- Current peg deviation 0.000% against 0.000% for ENA.
- No material depeg recorded for CIRCLE USYC in our incident log.
Concentrating in one issuer is a single point of failure regardless of score. Split across collateral structures.
Key risks, side by side
CIRCLE USYC
- Issuer and banking risk: reserves sit with Circle USYC under Not documented rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Attestation cadence: monthly.
- Chain concentration: 98% of supply sits on Binance.
ENA
- Issuer and banking risk: reserves sit with Ethena USDtb under Not documented rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Attestation cadence: monthly.
- Chain concentration: 100% of supply sits on Ethereum.
| Metric | CIRCLE USYC | ENA |
|---|---|---|
| Category | Tokenized Treasury | Tokenized Treasury |
| Issuer | Circle USYC | Ethena USDtb |
| Jurisdiction | Not documented | Not documented |
| Collateral | treasuries | treasuries |
| Peg mechanism | asset-backed | asset-backed |
| Attestation | monthly | monthly |
| Redemption | gated | gated |
| Price | $1.0000 | $1.0000 |
| Peg deviation | 0.000% | 0.000% |
| Market cap | $2.98B | $357.67M |
| 7d supply change | −0.81% | +1.53% |
| Liquidity | $0.00 | $0.00 |
| Best yield | None | None |
| Chains | 2 | 1 |
| Launched | — | — |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (CIRCLE USYC vs ENA)
- +0.0 bps
- $1.0000 vs $1.0000
- Peg deviation gap
- 0.000 pp
- CIRCLE USYC 0.000% · ENA 0.000%
- Yield spread
- +0.00%
- CIRCLE USYC — · ENA —
- Liquidity ratio
- —
- $0.00 vs $0.00
A round trip between CIRCLE USYC and ENA costs roughly the market spread plus venue fees. At 0.0 bps of price gap, swapping $1M implies about $0.00 of price impact before fees — usually only worth it if the peg gap or yield spread is durable, not intraday noise.
Chain coverage
CIRCLE USYC is live on 2 chains, ENA on 1. 1 chains carry both, so bridging is only unavoidable for the 1 networks where just one of them is deployed.
| Chain | CIRCLE USYC | ENA | Both available |
|---|---|---|---|
| $2.91B | — | CIRCLE USYC only | |
| $72.71M | $357.67M | Yes |
CIRCLE USYC vs ENA: frequently asked questions
Is CIRCLE USYC or ENA safer?
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On our composite safety score CIRCLE USYC rates 66/100 versus 64/100 for ENA. The score weighs collateral quality (treasuries vs treasuries), redemption rights, attestation quality, peg history and liquidity depth. A higher score is not a guarantee: both remain issuer-credit and smart-contract exposures, not insured bank deposits.
What is the difference between CIRCLE USYC and ENA?
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Circle USYC is issued by Circle USYC (Not documented), backed by treasuries, with redemption terms: gated. Ethena USDtb is issued by Ethena USDtb (Not documented), backed by treasuries, with redemption terms: gated. Attestation coverage is "monthly" for CIRCLE USYC and "monthly" for ENA.
Which has the bigger market cap, CIRCLE USYC or ENA?
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CIRCLE USYC is larger at $2.98B in circulating supply, against $357.67M for the other. Over the last 7 days supply moved −0.81% for CIRCLE USYC and +1.53% for ENA.
Are CIRCLE USYC and ENA trading at $1.00 right now?
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CIRCLE USYC trades at $1.0000 (0.000% off peg) and ENA at $1.0000 (0.000% off peg). The gap between the two is about 0.0 basis points, which is the cost you pay when rotating size between them before fees.
Has CIRCLE USYC or ENA ever depegged?
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CIRCLE USYC: no material depeg recorded in our incident set. ENA: no material depeg recorded in our incident set. Past peg behaviour under stress is the single best available proxy for how a token trades in the next crisis.
Which is better for large institutional size, CIRCLE USYC or ENA?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. CIRCLE USYC shows deeper on-chain liquidity at $0.00 versus $0.00. Combine that with the redemption channel — CIRCLE USYC: gated; ENA: gated — and size trades against the primary window rather than the order book where possible.
Can I earn yield on CIRCLE USYC or ENA?
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Neither CIRCLE USYC nor ENA currently has a tracked yield venue in our dataset. Holding either in a wallet pays nothing; any advertised rate comes from lending or liquidity provision on top, with its own risk.
Which chains support both CIRCLE USYC and ENA?
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Both are deployed on 1 shared network, including Ethereum. CIRCLE USYC spans 2 chains in total and ENA spans 1. Bridged supply on a chain is not the same as natively issued supply, and it usually carries the bridge's risk rather than the issuer's.
What does it cost to switch from CIRCLE USYC to ENA?
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Budget three components: the current price spread of roughly 0.0 bps, swap or venue fees, and slippage against available depth ($0.00 for CIRCLE USYC, $0.00 for ENA). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is CIRCLE USYC or ENA regulated?
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CIRCLE USYC is issued from Not documented with monthly; ENA is issued from Not documented with monthly. Regulatory status varies by your own jurisdiction and by whether the token is offered under a specific stablecoin regime, so treat this as a starting point for diligence, not legal advice.