D vs USDE
Saga Dollar and Ethena USDe, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and D/USDE spread
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Saga Dollar is a dollar-denominated token tracked across 1 chains. No verified issuer disclosure is on file, so its collateral and legal structure score conservatively.
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 | 74 | 72 | D |
|---|---|---|---|---|
| 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 | $35.51B | $2.23B | D |
| 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 | −0.003% | −0.032% | D |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | None recorded | -2.9% | D |
| Track recordYears live and behaviour through past stress events. | ●●●●4 of 5 | 53 | 51 | D |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $10.39M | $4.90B | USDE |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 1 chains | 25 chains | USDE |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | None | 12.58% | 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
D scores higher on safety (74 vs 72), driven mainly by peg stability and track record. D has deeper tracked liquidity ($35.51B), which is what determines whether you can exit at size. USDE currently earns up to 12.58% — 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: D or USDE?
Capital preservation over everything else.
For park cash safely, D is the better fit over USDE.
- Safety score 74 vs 72, with collateral rated 55/100.
- Current peg deviation -0.003% against -0.032% for USDE.
- No material depeg recorded for D 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
D
- Collateral volatility: a fast drawdown in backing assets can force liquidations.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Limited public attestation of reserves.
- Chain concentration: 100% of supply sits on Saga.
USDE
- Depeg history: 1 recorded event(s), worst deviation -2.90%.
- Attestation cadence: monthly.
- Yield venue risk: 12.58% is earned outside the token itself.
| Metric | D | USDE |
|---|---|---|
| Category | Stablecoin | Stablecoin |
| Issuer | Undisclosed | Ethena Labs |
| Jurisdiction | Not documented | BVI |
| Collateral | crypto-backed | delta-neutral |
| Peg mechanism | crypto-backed | crypto-backed |
| Attestation | none | monthly |
| Redemption | market-only | gated |
| Price | $1.0000 | $0.9997 |
| Peg deviation | −0.003% | −0.032% |
| Market cap | $10.39M | $4.90B |
| 7d supply change | 0.00% | −0.74% |
| Liquidity | $35.51B | $2.23B |
| Best yield | None | 12.58% (accountable · Robinhood Chain) |
| Chains | 1 | 25 |
| Launched | — | 2024 |
| Worst recorded depeg | None recorded | −2.9% |
Spread, peg gap and switching cost
- Price spread (D vs USDE)
- +2.8 bps
- $1.0000 vs $0.9997
- Peg deviation gap
- -0.028 pp
- D −0.003% · USDE −0.032%
- Yield spread
- -12.58%
- D — · USDE 12.58%
- Liquidity ratio
- 15.90×
- $35.51B vs $2.23B
A round trip between D and USDE costs roughly the market spread plus venue fees. At 2.8 bps of price gap, swapping $1M implies about $284.05 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 D 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
D is live on 1 chains, USDE on 25. 0 chains carry both, so bridging is only unavoidable for the 26 networks where just one of them is deployed.
| Chain | D | USDE | Both available |
|---|---|---|---|
| — | $2.71B | USDE only | |
| — | $542.36M | USDE only | |
| — | $457.70M | USDE only | |
| — | $392.50M | USDE only | |
| — | $350.60M | USDE only | |
| — | $186.53M | USDE only | |
| — | $79.64M | USDE only | |
| — | $78.37M | USDE only | |
| — | $69.76M | USDE only | |
| — | $12.78M | USDE only | |
| $10.39M | — | D only | |
| — | $7.73M | USDE only | |
| — | $7.33M | USDE only | |
| — | $1.95M | USDE only | |
| — | $907.9K | USDE only | |
| — | $336.2K | USDE only | |
| — | $78.4K | USDE only | |
| — | $66.7K | USDE only | |
| — | $65.1K | USDE only | |
| — | $28.7K | USDE only |
D vs USDE: frequently asked questions
Is D or USDE safer?
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On our composite safety score D rates 74/100 versus 72/100 for USDE. The score weighs collateral quality (crypto-backed vs delta-neutral), 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 D and USDE?
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Saga Dollar is issued by Undisclosed (Not documented), backed by crypto-backed, with redemption terms: market-only. Ethena USDe is issued by Ethena Labs (BVI), backed by delta-neutral, with redemption terms: gated. Attestation coverage is "none" for D and "monthly" for USDE.
Which has the bigger market cap, D or USDE?
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USDE is larger at $4.90B in circulating supply, against $10.39M for the other. Over the last 7 days supply moved 0.00% for D and −0.74% for USDE.
Are D and USDE trading at $1.00 right now?
+
D trades at $1.0000 (−0.003% off peg) and USDE at $0.9997 (−0.032% off peg). The gap between the two is about 2.8 basis points, which is the cost you pay when rotating size between them before fees.
Has D or USDE ever depegged?
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D: 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, D or USDE?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. D shows deeper on-chain liquidity at $35.51B versus $2.23B. Combine that with the redemption channel — D: market-only; USDE: gated — and size trades against the primary window rather than the order book where possible.
Can I earn yield on D or USDE?
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USDE currently shows the higher rate at 12.58% via accountable · Robinhood Chain, against no tracked rate for D. 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 D and USDE?
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They currently share no common network in our data: D is deployed on 1 chain(s) and USDE on 25. Moving between them requires a bridge or a centralised venue.
What does it cost to switch from D to USDE?
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Budget three components: the current price spread of roughly 2.8 bps, swap or venue fees, and slippage against available depth ($35.51B for D, $2.23B for USDE). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is D or USDE regulated?
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D is issued from Not documented with none; 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.