MUST vs USDE
Mustang Finance and Ethena USDe, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and MUST/USDE spread
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Mustang Finance 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: Caution
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 | 53 | 74 | USDE |
|---|---|---|---|---|
| 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 | $0.00 | $3.42B | 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 | −0.029% | −0.014% | USDE |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | None recorded | -2.9% | MUST |
| Track recordYears live and behaviour through past stress events. | ●●●●4 of 5 | 53 | 51 | MUST |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $154.34M | $4.04B | 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 | 44.72% | 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
USDE scores higher on safety (74 vs 53), driven mainly by collateral quality and disclosure. USDE has deeper tracked liquidity ($3.42B), which is what determines whether you can exit at size. USDE currently earns up to 44.72% — 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: MUST or USDE?
Capital preservation over everything else.
For park cash safely, USDE is the better fit over MUST.
- Safety score 74 vs 53, with collateral rated 58/100.
- Current peg deviation -0.014% against -0.029% for MUST.
- USDE has 1 recorded depeg event(s) — read them before sizing up.
Concentrating in one issuer is a single point of failure regardless of score. Split across collateral structures.
Key risks, side by side
MUST
- 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: 44.72% is earned outside the token itself.
| Metric | MUST | 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 | $0.9997 | $0.9999 |
| Peg deviation | −0.029% | −0.014% |
| Market cap | $154.34M | $4.04B |
| 7d supply change | +0.00% | +2.79% |
| Liquidity | $0.00 | $3.42B |
| Best yield | None | 44.72% (accountable · Robinhood Chain) |
| Chains | 1 | 25 |
| Launched | — | 2024 |
| Worst recorded depeg | None recorded | −2.9% |
Spread, peg gap and switching cost
- Price spread (MUST vs USDE)
- -1.5 bps
- $0.9997 vs $0.9999
- Peg deviation gap
- 0.015 pp
- MUST −0.029% · USDE −0.014%
- Yield spread
- -44.72%
- MUST — · USDE 44.72%
- Liquidity ratio
- 0.00×
- $0.00 vs $3.42B
A round trip between MUST and USDE costs roughly the market spread plus venue fees. At 1.5 bps of price gap, swapping $1M implies about $148.87 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 MUST 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
MUST 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 | MUST | USDE | Both available |
|---|---|---|---|
| — | $2.23B | USDE only | |
| — | $537.72M | USDE only | |
| — | $360.23M | USDE only | |
| — | $290.15M | USDE only | |
| — | $168.48M | USDE only | |
| $154.34M | — | MUST only | |
| — | $148.90M | USDE only | |
| — | $139.79M | USDE only | |
| — | $64.53M | USDE only | |
| — | $62.19M | USDE only | |
| — | $15.46M | USDE only | |
| — | $12.27M | USDE only | |
| — | $1.82M | USDE only | |
| — | $1.26M | USDE only | |
| — | $929.1K | USDE only | |
| — | $379.2K | USDE only | |
| — | $78.5K | USDE only | |
| — | $68.0K | USDE only | |
| — | $67.1K | USDE only | |
| — | $25.6K | USDE only |
MUST vs USDE: frequently asked questions
Is MUST or USDE safer?
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On our composite safety score USDE rates 74/100 versus 53/100 for MUST. The score weighs collateral quality (delta-neutral vs crypto-backed), 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 MUST and USDE?
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Mustang Finance 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 MUST and "monthly" for USDE.
Which has the bigger market cap, MUST or USDE?
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USDE is larger at $4.04B in circulating supply, against $154.34M for the other. Over the last 7 days supply moved +0.00% for MUST and +2.79% for USDE.
Are MUST and USDE trading at $1.00 right now?
+
MUST trades at $0.9997 (−0.029% off peg) and USDE at $0.9999 (−0.014% off peg). The gap between the two is about 1.5 basis points, which is the cost you pay when rotating size between them before fees.
Has MUST or USDE ever depegged?
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MUST: 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, MUST 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 $3.42B versus $0.00. Combine that with the redemption channel — MUST: market-only; USDE: gated — and size trades against the primary window rather than the order book where possible.
Can I earn yield on MUST or USDE?
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USDE currently shows the higher rate at 44.72% via accountable · Robinhood Chain, against no tracked rate for MUST. 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 MUST and USDE?
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They currently share no common network in our data: MUST 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 MUST to USDE?
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Budget three components: the current price spread of roughly 1.5 bps, swap or venue fees, and slippage against available depth ($0.00 for MUST, $3.42B for USDE). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is MUST or USDE regulated?
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MUST 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.