ENA vs SKY
Ethena USDtb and Sky RWA, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and ENA/SKY spread
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Ethena USDtb issues dollar-denominated tokenized real-world assets across 1 chains. Value shown is on-chain assets under management.
Verdict band: Adequate
Sky RWA 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 | 64 | 62 | ENA |
|---|---|---|---|---|
| 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 | $492.72M | $75.34M | ENA |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 1 chains | 1 chains | Tie |
| 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
ENA scores higher on safety (64 vs 62), driven mainly by collateral quality and disclosure. ENA 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: ENA or SKY?
Capital preservation over everything else.
For park cash safely, ENA edges out SKY — but it is close enough that either works.
- Safety score 64 vs 62, with collateral rated 55/100.
- Current peg deviation 0.000% against 0.000% for SKY.
- No material depeg recorded for ENA 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
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.
SKY
- Issuer and banking risk: reserves sit with Sky RWA 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 | ENA | SKY |
|---|---|---|
| Category | Tokenized Treasury | Tokenized Treasury |
| Issuer | Ethena USDtb | Sky RWA |
| 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 | $492.72M | $75.34M |
| 7d supply change | +3.56% | +2.28% |
| Liquidity | $0.00 | $0.00 |
| Best yield | None | None |
| Chains | 1 | 1 |
| Launched | — | — |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (ENA vs SKY)
- +0.0 bps
- $1.0000 vs $1.0000
- Peg deviation gap
- 0.000 pp
- ENA 0.000% · SKY 0.000%
- Yield spread
- +0.00%
- ENA — · SKY —
- Liquidity ratio
- —
- $0.00 vs $0.00
A round trip between ENA and SKY 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
ENA is live on 1 chains, SKY on 1. 1 chains carry both, so bridging is only unavoidable for the 0 networks where just one of them is deployed.
| Chain | ENA | SKY | Both available |
|---|---|---|---|
| $492.72M | $75.34M | Yes |
ENA vs SKY: frequently asked questions
Is ENA or SKY safer?
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On our composite safety score ENA rates 64/100 versus 62/100 for SKY. 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 ENA and SKY?
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Ethena USDtb is issued by Ethena USDtb (Not documented), backed by treasuries, with redemption terms: gated. Sky RWA is issued by Sky RWA (Not documented), backed by treasuries, with redemption terms: gated. Attestation coverage is "monthly" for ENA and "monthly" for SKY.
Which has the bigger market cap, ENA or SKY?
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ENA is larger at $492.72M in circulating supply, against $75.34M for the other. Over the last 7 days supply moved +3.56% for ENA and +2.28% for SKY.
Are ENA and SKY trading at $1.00 right now?
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ENA trades at $1.0000 (0.000% off peg) and SKY 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 ENA or SKY ever depegged?
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ENA: no material depeg recorded in our incident set. SKY: 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, ENA or SKY?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. ENA shows deeper on-chain liquidity at $0.00 versus $0.00. Combine that with the redemption channel — ENA: gated; SKY: gated — and size trades against the primary window rather than the order book where possible.
Can I earn yield on ENA or SKY?
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Neither ENA nor SKY 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 ENA and SKY?
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Both are deployed on 1 shared network, including Ethereum. ENA spans 1 chains in total and SKY 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 ENA to SKY?
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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 ENA, $0.00 for SKY). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is ENA or SKY regulated?
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ENA is issued from Not documented with monthly; SKY 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.