R vs USDE
R and Ethena USDe, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and R/USDE spread
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R is a dollar-denominated token tracked across 2 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 | 74 | 72 | R |
|---|---|---|---|---|
| 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 | $3.93B | $2.23B | R |
| 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 | +0.012% | −0.031% | R |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | None recorded | -2.9% | R |
| Track recordYears live and behaviour through past stress events. | ●●●●4 of 5 | 53 | 51 | R |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $10.72M | $4.89B | USDE |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 2 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
R scores higher on safety (74 vs 72), driven mainly by peg stability and track record. R has deeper tracked liquidity ($3.93B), 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: R or USDE?
Capital preservation over everything else.
For park cash safely, R is the better fit over USDE.
- Safety score 74 vs 72, with collateral rated 55/100.
- Current peg deviation 0.012% against -0.031% for USDE.
- No material depeg recorded for R 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
R
- 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: 99% 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 | R | 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 | $1.0001 | $0.9997 |
| Peg deviation | +0.012% | −0.031% |
| Market cap | $10.72M | $4.89B |
| 7d supply change | 0.00% | −0.10% |
| Liquidity | $3.93B | $2.23B |
| Best yield | None | 12.46% (accountable · Robinhood Chain) |
| Chains | 2 | 25 |
| Launched | — | 2024 |
| Worst recorded depeg | None recorded | −2.9% |
Spread, peg gap and switching cost
- Price spread (R vs USDE)
- +4.3 bps
- $1.0001 vs $0.9997
- Peg deviation gap
- -0.019 pp
- R +0.012% · USDE −0.031%
- Yield spread
- -12.46%
- R — · USDE 12.46%
- Liquidity ratio
- 1.76×
- $3.93B vs $2.23B
A round trip between R and USDE costs roughly the market spread plus venue fees. At 4.3 bps of price gap, swapping $1M implies about $425.27 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 R 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
R is live on 2 chains, USDE on 25. 2 chains carry both, so bridging is only unavoidable for the 23 networks where just one of them is deployed.
| Chain | R | USDE | Both available |
|---|---|---|---|
| $10.66M | $2.71B | Yes | |
| — | $542.29M | USDE only | |
| — | $455.08M | USDE only | |
| $59.4K | $392.50M | Yes | |
| — | $350.61M | USDE only | |
| — | $186.54M | USDE only | |
| — | $79.64M | USDE only | |
| — | $78.37M | USDE only | |
| — | $69.91M | USDE only | |
| — | $12.78M | USDE only | |
| — | $7.73M | USDE only | |
| — | $7.33M | USDE only | |
| — | $1.95M | USDE 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 | |
| — | $25.1K | USDE only |
R vs USDE: frequently asked questions
Is R or USDE safer?
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On our composite safety score R rates 74/100 versus 72/100 for USDE. The score weighs collateral quality (crypto-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 R and USDE?
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R 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 R and "monthly" for USDE.
Which has the bigger market cap, R or USDE?
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USDE is larger at $4.89B in circulating supply, against $10.72M for the other. Over the last 7 days supply moved 0.00% for R and −0.10% for USDE.
Are R and USDE trading at $1.00 right now?
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R trades at $1.0001 (+0.012% off peg) and USDE at $0.9997 (−0.031% off peg). The gap between the two is about 4.3 basis points, which is the cost you pay when rotating size between them before fees.
Has R or USDE ever depegged?
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R: 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, R or USDE?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. R shows deeper on-chain liquidity at $3.93B versus $2.23B. Combine that with the redemption channel — R: market-only; USDE: gated — and size trades against the primary window rather than the order book where possible.
Can I earn yield on R or USDE?
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USDE currently shows the higher rate at 12.46% via accountable · Robinhood Chain, against no tracked rate for R. 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 R and USDE?
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Both are deployed on 2 shared networks, including Ethereum, Base. R spans 2 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 R to USDE?
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Budget three components: the current price spread of roughly 4.3 bps, swap or venue fees, and slippage against available depth ($3.93B for R, $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 R or USDE regulated?
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R 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.