ENA vs THEO NETWORK
Ethena USDtb and Theo Network thUSD, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and ENA/THEO NETWORK 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
Theo Network thUSD 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 | $476.84M | $132.16M | 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 THEO NETWORK?
Capital preservation over everything else.
For park cash safely, ENA edges out THEO NETWORK — 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 THEO NETWORK.
- 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.
THEO NETWORK
- Issuer and banking risk: reserves sit with Theo Network thUSD 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 | THEO NETWORK |
|---|---|---|
| Category | Tokenized Treasury | Tokenized Treasury |
| Issuer | Ethena USDtb | Theo Network thUSD |
| 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 | $476.84M | $132.16M |
| 7d supply change | +0.26% | +0.08% |
| 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 THEO NETWORK)
- +0.0 bps
- $1.0000 vs $1.0000
- Peg deviation gap
- 0.000 pp
- ENA 0.000% · THEO NETWORK 0.000%
- Yield spread
- +0.00%
- ENA — · THEO NETWORK —
- Liquidity ratio
- —
- $0.00 vs $0.00
A round trip between ENA and THEO NETWORK 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, THEO NETWORK on 1. 1 chains carry both, so bridging is only unavoidable for the 0 networks where just one of them is deployed.
| Chain | ENA | THEO NETWORK | Both available |
|---|---|---|---|
| $476.84M | $132.16M | Yes |
ENA vs THEO NETWORK: frequently asked questions
Is ENA or THEO NETWORK safer?
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On our composite safety score ENA rates 64/100 versus 62/100 for THEO NETWORK. 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 THEO NETWORK?
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Ethena USDtb is issued by Ethena USDtb (Not documented), backed by treasuries, with redemption terms: gated. Theo Network thUSD is issued by Theo Network thUSD (Not documented), backed by treasuries, with redemption terms: gated. Attestation coverage is "monthly" for ENA and "monthly" for THEO NETWORK.
Which has the bigger market cap, ENA or THEO NETWORK?
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ENA is larger at $476.84M in circulating supply, against $132.16M for the other. Over the last 7 days supply moved +0.26% for ENA and +0.08% for THEO NETWORK.
Are ENA and THEO NETWORK trading at $1.00 right now?
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ENA trades at $1.0000 (0.000% off peg) and THEO NETWORK 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 THEO NETWORK ever depegged?
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ENA: no material depeg recorded in our incident set. THEO NETWORK: 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 THEO NETWORK?
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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; THEO NETWORK: gated — and size trades against the primary window rather than the order book where possible.
Can I earn yield on ENA or THEO NETWORK?
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Neither ENA nor THEO NETWORK 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 THEO NETWORK?
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Both are deployed on 1 shared network, including Ethereum. ENA spans 1 chains in total and THEO NETWORK 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 THEO NETWORK?
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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 THEO NETWORK). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is ENA or THEO NETWORK regulated?
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ENA is issued from Not documented with monthly; THEO NETWORK 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.