CIRCLE USYC vs USDE
Circle USYC and Ethena USDe, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and CIRCLE USYC/USDE 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
A synthetic dollar built from staked crypto collateral hedged with short perpetual futures. It is not a fiat-backed stablecoin: the peg depends on funding rates, exchange solvency and hedge execution.
Verdict band: Adequate
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 66 | 74 | USDE |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 55 | 58 | USDE |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $0.00 | $3.43B | USDE |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 48 | 54 | USDE |
| Peg tightness (live)Absolute distance from $1.00 right now — smaller is better. | ●●●●4 of 5 | 0.000% | −0.007% | CIRCLE USYC |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | None recorded | -2.9% | CIRCLE USYC |
| Track recordYears live and behaviour through past stress events. | ●●●●4 of 5 | 53 | 51 | CIRCLE USYC |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $2.98B | $4.04B | USDE |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 2 chains | 25 chains | USDE |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | None | 44.72% | USDE |
"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
USDE scores higher on safety (74 vs 66), driven mainly by collateral quality and disclosure. USDE has deeper tracked liquidity ($3.43B), which is what determines whether you can exit at size. USDE currently earns up to 44.72% — remember that any rate above the T-bill yield is payment for a risk.
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 USDE?
Capital preservation over everything else.
For park cash safely, USDE edges out CIRCLE USYC — but it is close enough that either works.
- Safety score 74 vs 66, with collateral rated 58/100.
- Current peg deviation -0.007% against 0.000% for CIRCLE USYC.
- USDE has 1 recorded depeg event(s) — read them before sizing up.
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.
USDE
- Depeg history: 1 recorded event(s), worst deviation -2.90%.
- Attestation cadence: monthly.
- Yield venue risk: 44.72% is earned outside the token itself.
| Metric | CIRCLE USYC | USDE |
|---|---|---|
| Category | Tokenized Treasury | Stablecoin |
| Issuer | Circle USYC | Ethena Labs |
| Jurisdiction | Not documented | BVI |
| Collateral | treasuries | delta-neutral |
| Peg mechanism | asset-backed | crypto-backed |
| Attestation | monthly | monthly |
| Redemption | gated | gated |
| Price | $1.0000 | $0.9999 |
| Peg deviation | 0.000% | −0.007% |
| Market cap | $2.98B | $4.04B |
| 7d supply change | −0.81% | +2.79% |
| Liquidity | $0.00 | $3.43B |
| Best yield | None | 44.72% (accountable · Robinhood Chain) |
| Chains | 2 | 25 |
| Launched | — | 2024 |
| Worst recorded depeg | None recorded | −2.9% |
Spread, peg gap and switching cost
- Price spread (CIRCLE USYC vs USDE)
- +0.7 bps
- $1.0000 vs $0.9999
- Peg deviation gap
- -0.007 pp
- CIRCLE USYC 0.000% · USDE −0.007%
- Yield spread
- -44.72%
- CIRCLE USYC — · USDE 44.72%
- Liquidity ratio
- 0.00×
- $0.00 vs $3.43B
A round trip between CIRCLE USYC and USDE costs roughly the market spread plus venue fees. At 0.7 bps of price gap, swapping $1M implies about $67.75 of price impact before fees — usually only worth it if the peg gap or yield spread is durable, not intraday noise.
Historical context
Track record is the part of a stablecoin you cannot model — it has to be observed. Here is how CIRCLE USYC and USDE have actually behaved since launch, including every stress event we have on record.
- USDE
Ethena USDe goes live.
- USDE
Exchange oracle dislocation (worst deviation -2.9%).
Chain coverage
CIRCLE USYC is live on 2 chains, USDE on 25. 1 chains carry both, so bridging is only unavoidable for the 25 networks where just one of them is deployed.
| Chain | CIRCLE USYC | USDE | Both available |
|---|---|---|---|
| $2.91B | — | CIRCLE USYC only | |
| $72.71M | $2.22B | Yes | |
| — | $537.76M | USDE only | |
| — | $360.26M | USDE only | |
| — | $292.87M | USDE only | |
| — | $168.52M | USDE only | |
| — | $156.11M | USDE only | |
| — | $139.80M | USDE only | |
| — | $64.53M | USDE only | |
| — | $62.19M | USDE only | |
| — | $15.46M | USDE only | |
| — | $12.27M | USDE only | |
| — | $1.82M | USDE only | |
| — | $1.26M | USDE only | |
| — | $929.2K | USDE only | |
| — | $379.3K | USDE only | |
| — | $78.5K | USDE only | |
| — | $68.0K | USDE only | |
| — | $67.1K | USDE only | |
| — | $25.6K | USDE only |
CIRCLE USYC vs USDE: frequently asked questions
Is CIRCLE USYC or USDE safer?
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On our composite safety score USDE rates 74/100 versus 66/100 for CIRCLE USYC. The score weighs collateral quality (delta-neutral 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 USDE?
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Circle USYC is issued by Circle USYC (Not documented), backed by treasuries, with redemption terms: gated. Ethena USDe is issued by Ethena Labs (BVI), backed by delta-neutral, with redemption terms: gated. Attestation coverage is "monthly" for CIRCLE USYC and "monthly" for USDE.
Which has the bigger market cap, CIRCLE USYC or USDE?
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USDE is larger at $4.04B in circulating supply, against $2.98B for the other. Over the last 7 days supply moved −0.81% for CIRCLE USYC and +2.79% for USDE.
Are CIRCLE USYC and USDE trading at $1.00 right now?
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CIRCLE USYC trades at $1.0000 (0.000% off peg) and USDE at $0.9999 (−0.007% off peg). The gap between the two is about 0.7 basis points, which is the cost you pay when rotating size between them before fees.
Has CIRCLE USYC or USDE ever depegged?
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CIRCLE USYC: no material depeg recorded in our incident set. USDE: worst recorded deviation −2.9%. 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 USDE?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. USDE shows deeper on-chain liquidity at $3.43B versus $0.00. Combine that with the redemption channel — CIRCLE USYC: gated; USDE: gated — and size trades against the primary window rather than the order book where possible.
Can I earn yield on CIRCLE USYC or USDE?
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USDE currently shows the higher rate at 44.72% via accountable · Robinhood Chain, against no tracked rate for CIRCLE USYC. Neither token pays interest by holding it in a wallet: the yield comes from lending, liquidity provision or a wrapped yield-bearing version, each with its own counterparty and contract risk.
Which chains support both CIRCLE USYC and USDE?
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Both are deployed on 1 shared network, including Ethereum. CIRCLE USYC spans 2 chains in total and USDE spans 25. 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 USDE?
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Budget three components: the current price spread of roughly 0.7 bps, swap or venue fees, and slippage against available depth ($0.00 for CIRCLE USYC, $3.43B for USDE). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is CIRCLE USYC or USDE regulated?
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CIRCLE USYC is issued from Not documented with monthly; USDE is issued from BVI 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.