CIRCLE USYC vs VANECK TREAS
Circle USYC and VanEck Treasury Fund, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and CIRCLE USYC/VANECK TREAS 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
VanEck Treasury Fund issues dollar-denominated tokenized real-world assets across 4 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 | 63 | 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 | $193.33M | CIRCLE USYC |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 2 chains | 4 chains | VANECK TREAS |
| 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 63), 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 VANECK TREAS?
Capital preservation over everything else.
For park cash safely, CIRCLE USYC edges out VANECK TREAS — but it is close enough that either works.
- Safety score 66 vs 63, with collateral rated 55/100.
- Current peg deviation 0.000% against 0.000% for VANECK TREAS.
- 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.
VANECK TREAS
- Issuer and banking risk: reserves sit with VanEck Treasury Fund under Not documented rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Attestation cadence: monthly.
- Chain concentration: 70% of supply sits on Avalanche.
| Metric | CIRCLE USYC | VANECK TREAS |
|---|---|---|
| Category | Tokenized Treasury | Tokenized Treasury |
| Issuer | Circle USYC | VanEck Treasury Fund |
| 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 | $193.33M |
| 7d supply change | −0.81% | +0.07% |
| Liquidity | $0.00 | $0.00 |
| Best yield | None | None |
| Chains | 2 | 4 |
| Launched | — | — |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (CIRCLE USYC vs VANECK TREAS)
- +0.0 bps
- $1.0000 vs $1.0000
- Peg deviation gap
- 0.000 pp
- CIRCLE USYC 0.000% · VANECK TREAS 0.000%
- Yield spread
- +0.00%
- CIRCLE USYC — · VANECK TREAS —
- Liquidity ratio
- —
- $0.00 vs $0.00
A round trip between CIRCLE USYC and VANECK TREAS 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, VANECK TREAS on 4. 2 chains carry both, so bridging is only unavoidable for the 2 networks where just one of them is deployed.
| Chain | CIRCLE USYC | VANECK TREAS | Both available |
|---|---|---|---|
| $2.91B | $21.50M | Yes | |
| — | $136.22M | VANECK TREAS only | |
| $72.71M | $21.68M | Yes | |
| — | $13.93M | VANECK TREAS only |
CIRCLE USYC vs VANECK TREAS: frequently asked questions
Is CIRCLE USYC or VANECK TREAS safer?
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On our composite safety score CIRCLE USYC rates 66/100 versus 63/100 for VANECK TREAS. 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 VANECK TREAS?
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Circle USYC is issued by Circle USYC (Not documented), backed by treasuries, with redemption terms: gated. VanEck Treasury Fund is issued by VanEck Treasury Fund (Not documented), backed by treasuries, with redemption terms: gated. Attestation coverage is "monthly" for CIRCLE USYC and "monthly" for VANECK TREAS.
Which has the bigger market cap, CIRCLE USYC or VANECK TREAS?
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CIRCLE USYC is larger at $2.98B in circulating supply, against $193.33M for the other. Over the last 7 days supply moved −0.81% for CIRCLE USYC and +0.07% for VANECK TREAS.
Are CIRCLE USYC and VANECK TREAS trading at $1.00 right now?
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CIRCLE USYC trades at $1.0000 (0.000% off peg) and VANECK TREAS 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 VANECK TREAS ever depegged?
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CIRCLE USYC: no material depeg recorded in our incident set. VANECK TREAS: 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 VANECK TREAS?
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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; VANECK TREAS: gated — and size trades against the primary window rather than the order book where possible.
Can I earn yield on CIRCLE USYC or VANECK TREAS?
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Neither CIRCLE USYC nor VANECK TREAS 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 VANECK TREAS?
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Both are deployed on 2 shared networks, including Binance, Ethereum. CIRCLE USYC spans 2 chains in total and VANECK TREAS spans 4. 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 VANECK TREAS?
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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 VANECK TREAS). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is CIRCLE USYC or VANECK TREAS regulated?
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CIRCLE USYC is issued from Not documented with monthly; VANECK TREAS 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.