ENA vs SPIKO
Ethena USDtb and Spiko, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and ENA/SPIKO spread
Loading price history…
Ethena USDtb issues dollar-denominated tokenized real-world assets across 1 chains. Value shown is on-chain assets under management.
Verdict band: Adequate
Spiko issues dollar-denominated tokenized real-world assets across 7 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 | 66 | SPIKO |
|---|---|---|---|---|
| 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 | $357.67M | $2.46B | SPIKO |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 1 chains | 7 chains | SPIKO |
| 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
SPIKO scores higher on safety (66 vs 64), 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 SPIKO?
Capital preservation over everything else.
For park cash safely, SPIKO 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 SPIKO 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.
SPIKO
- Issuer and banking risk: reserves sit with Spiko under Not documented rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Attestation cadence: monthly.
| Metric | ENA | SPIKO |
|---|---|---|
| Category | Tokenized Treasury | Tokenized Treasury |
| Issuer | Ethena USDtb | Spiko |
| 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 | $357.67M | $2.46B |
| 7d supply change | +1.53% | +3.06% |
| Liquidity | $0.00 | $0.00 |
| Best yield | None | None |
| Chains | 1 | 7 |
| Launched | — | — |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (ENA vs SPIKO)
- +0.0 bps
- $1.0000 vs $1.0000
- Peg deviation gap
- 0.000 pp
- ENA 0.000% · SPIKO 0.000%
- Yield spread
- +0.00%
- ENA — · SPIKO —
- Liquidity ratio
- —
- $0.00 vs $0.00
A round trip between ENA and SPIKO 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, SPIKO on 7. 1 chains carry both, so bridging is only unavoidable for the 6 networks where just one of them is deployed.
| Chain | ENA | SPIKO | Both available |
|---|---|---|---|
| — | $1.52B | SPIKO only | |
| $357.67M | $215.34M | Yes | |
| — | $470.95M | SPIKO only | |
| — | $172.18M | SPIKO only | |
| — | $39.63M | SPIKO only | |
| — | $33.82M | SPIKO only | |
| — | $4.91M | SPIKO only |
ENA vs SPIKO: frequently asked questions
Is ENA or SPIKO safer?
+
On our composite safety score SPIKO 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 ENA and SPIKO?
+
Ethena USDtb is issued by Ethena USDtb (Not documented), backed by treasuries, with redemption terms: gated. Spiko is issued by Spiko (Not documented), backed by treasuries, with redemption terms: gated. Attestation coverage is "monthly" for ENA and "monthly" for SPIKO.
Which has the bigger market cap, ENA or SPIKO?
+
SPIKO is larger at $2.46B in circulating supply, against $357.67M for the other. Over the last 7 days supply moved +1.53% for ENA and +3.06% for SPIKO.
Are ENA and SPIKO trading at $1.00 right now?
+
ENA trades at $1.0000 (0.000% off peg) and SPIKO 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 SPIKO ever depegged?
+
ENA: no material depeg recorded in our incident set. SPIKO: 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 SPIKO?
+
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; SPIKO: gated — and size trades against the primary window rather than the order book where possible.
Can I earn yield on ENA or SPIKO?
+
Neither ENA nor SPIKO 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 SPIKO?
+
Both are deployed on 1 shared network, including Ethereum. ENA spans 1 chains in total and SPIKO spans 7. 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 SPIKO?
+
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 SPIKO). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is ENA or SPIKO regulated?
+
ENA is issued from Not documented with monthly; SPIKO 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.