M vs USDE
M by M0 and Ethena USDe, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and M/USDE spread
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M by M0 is a dollar-denominated token tracked across 6 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 | 73 | 72 | M |
|---|---|---|---|---|
| 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 | $1.15B | $2.23B | USDE |
| 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 | 0.000% | −0.031% | M |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | None recorded | -2.9% | M |
| Track recordYears live and behaviour through past stress events. | ●●●●4 of 5 | 53 | 51 | M |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $196.36M | $4.89B | USDE |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 6 chains | 25 chains | USDE |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | None | 12.46% | 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
M scores higher on safety (73 vs 72), driven mainly by peg stability and track record. USDE has deeper tracked liquidity ($2.23B), which is what determines whether you can exit at size. USDE currently earns up to 12.46% — 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: M or USDE?
Capital preservation over everything else.
For park cash safely, M is the better fit over USDE.
- Safety score 73 vs 72, with collateral rated 55/100.
- Current peg deviation 0.000% against -0.031% for USDE.
- No material depeg recorded for M 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
M
- Issuer and banking risk: reserves sit with Undisclosed under Not documented rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Limited public attestation of reserves.
- Chain concentration: 82% of supply sits on Ethereum.
USDE
- Depeg history: 1 recorded event(s), worst deviation -2.90%.
- Attestation cadence: monthly.
- Yield venue risk: 12.46% is earned outside the token itself.
| Metric | M | USDE |
|---|---|---|
| Category | Stablecoin | Stablecoin |
| Issuer | Undisclosed | Ethena Labs |
| Jurisdiction | Not documented | BVI |
| Collateral | fiat-backed | delta-neutral |
| Peg mechanism | fiat-backed | crypto-backed |
| Attestation | none | monthly |
| Redemption | market-only | gated |
| Price | $1.0000 | $0.9997 |
| Peg deviation | 0.000% | −0.031% |
| Market cap | $196.36M | $4.89B |
| 7d supply change | +0.12% | −0.10% |
| Liquidity | $1.15B | $2.23B |
| Best yield | None | 12.46% (accountable · Robinhood Chain) |
| Chains | 6 | 25 |
| Launched | — | 2024 |
| Worst recorded depeg | None recorded | −2.9% |
Spread, peg gap and switching cost
- Price spread (M vs USDE)
- +3.1 bps
- $1.0000 vs $0.9997
- Peg deviation gap
- -0.031 pp
- M 0.000% · USDE −0.031%
- Yield spread
- -12.46%
- M — · USDE 12.46%
- Liquidity ratio
- 0.52×
- $1.15B vs $2.23B
A round trip between M and USDE costs roughly the market spread plus venue fees. At 3.1 bps of price gap, swapping $1M implies about $305.18 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 M 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
M is live on 6 chains, USDE on 25. 5 chains carry both, so bridging is only unavoidable for the 21 networks where just one of them is deployed.
| Chain | M | USDE | Both available |
|---|---|---|---|
| $161.68M | $2.71B | Yes | |
| — | $542.29M | USDE only | |
| $15.47M | $455.08M | Yes | |
| — | $392.50M | USDE only | |
| — | $350.61M | USDE only | |
| — | $186.54M | USDE only | |
| $17.06M | $69.91M | Yes | |
| — | $79.64M | USDE only | |
| — | $78.37M | USDE only | |
| — | $12.78M | USDE only | |
| $386.9K | $7.73M | Yes | |
| — | $7.33M | USDE only | |
| $166.2K | $1.95M | Yes | |
| $1.59M | — | M 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 |
M vs USDE: frequently asked questions
Is M or USDE safer?
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On our composite safety score M rates 73/100 versus 72/100 for USDE. The score weighs collateral quality (fiat-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 M and USDE?
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M by M0 is issued by Undisclosed (Not documented), backed by fiat-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 M and "monthly" for USDE.
Which has the bigger market cap, M or USDE?
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USDE is larger at $4.89B in circulating supply, against $196.36M for the other. Over the last 7 days supply moved +0.12% for M and −0.10% for USDE.
Are M and USDE trading at $1.00 right now?
+
M trades at $1.0000 (0.000% off peg) and USDE at $0.9997 (−0.031% off peg). The gap between the two is about 3.1 basis points, which is the cost you pay when rotating size between them before fees.
Has M or USDE ever depegged?
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M: 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, M or USDE?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. USDE shows deeper on-chain liquidity at $2.23B versus $1.15B. Combine that with the redemption channel — M: market-only; USDE: gated — and size trades against the primary window rather than the order book where possible.
Can I earn yield on M or USDE?
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USDE currently shows the higher rate at 12.46% via accountable · Robinhood Chain, against no tracked rate for M. 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 M and USDE?
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Both are deployed on 5 shared networks, including Ethereum, Monad, Solana, Hyperliquid L1, Arbitrum. M spans 6 chains in total and USDE spans 25. 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 M to USDE?
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Budget three components: the current price spread of roughly 3.1 bps, swap or venue fees, and slippage against available depth ($1.15B for M, $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 M or USDE regulated?
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M 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.