SPIKO vs USDY
Spiko and Ondo US Dollar Yield, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and SPIKO/USDY spread
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Spiko issues dollar-denominated tokenized real-world assets across 7 chains. Value shown is on-chain assets under management.
Verdict band: Adequate
A yield-bearing note backed by short-term US Treasuries and bank deposits, tokenised for non-US holders.
Verdict band: Robust
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 66 | 88 | USDY |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 55 | 95 | USDY |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $0.00 | $2.17B | USDY |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 48 | 54 | USDY |
| 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 | 69 | USDY |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $2.46B | $2.14B | SPIKO |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 7 chains | 11 chains | USDY |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | None | 3.55% | USDY |
"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
USDY scores higher on safety (88 vs 66), driven mainly by collateral quality and disclosure. USDY has deeper tracked liquidity ($2.17B), which is what determines whether you can exit at size. USDY currently earns up to 3.55% — 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: SPIKO or USDY?
Capital preservation over everything else.
For park cash safely, USDY is the better fit over SPIKO.
- Safety score 88 vs 66, with collateral rated 95/100.
- Current peg deviation 0.000% against 0.000% for SPIKO.
- No material depeg recorded for USDY 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
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.
USDY
- Issuer and banking risk: reserves sit with Ondo Finance under BVI rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Attestation cadence: monthly.
- Yield venue risk: 3.55% is earned outside the token itself.
| Metric | SPIKO | USDY |
|---|---|---|
| Category | Tokenized Treasury | Tokenized Treasury |
| Issuer | Spiko | Ondo Finance |
| Jurisdiction | Not documented | BVI |
| Collateral | treasuries | treasuries |
| Peg mechanism | asset-backed | fiat-backed |
| Attestation | monthly | monthly |
| Redemption | gated | gated |
| Price | $1.0000 | $1.1392 |
| Peg deviation | 0.000% | 0.000% |
| Market cap | $2.46B | $2.14B |
| 7d supply change | +3.06% | +0.08% |
| Liquidity | $0.00 | $2.17B |
| Best yield | None | 3.55% (ondo-yield-assets · Ethereum) |
| Chains | 7 | 11 |
| Launched | — | 2023 |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (SPIKO vs USDY)
- -1221.9 bps
- $1.0000 vs $1.1392
- Peg deviation gap
- 0.000 pp
- SPIKO 0.000% · USDY 0.000%
- Yield spread
- -3.55%
- SPIKO — · USDY 3.55%
- Liquidity ratio
- 0.00×
- $0.00 vs $2.17B
A round trip between SPIKO and USDY costs roughly the market spread plus venue fees. At 1221.9 bps of price gap, swapping $1M implies about $122.2K 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 SPIKO and USDY have actually behaved since launch, including every stress event we have on record.
- USDY
Ondo US Dollar Yield goes live.
Chain coverage
SPIKO is live on 7 chains, USDY on 11. 3 chains carry both, so bridging is only unavoidable for the 12 networks where just one of them is deployed.
| Chain | SPIKO | USDY | Both available |
|---|---|---|---|
| $1.52B | $532.58M | Yes | |
| $215.34M | $1.11B | Yes | |
| $470.95M | $3.64M | Yes | |
| — | $257.34M | USDY only | |
| — | $178.55M | USDY only | |
| $172.18M | — | SPIKO only | |
| $39.63M | — | SPIKO only | |
| $33.82M | — | SPIKO only | |
| — | $28.49M | USDY only | |
| — | $14.00M | USDY only | |
| — | $7.98M | USDY only | |
| — | $6.35M | USDY only | |
| $4.91M | — | SPIKO only | |
| — | $2.10M | USDY only | |
| — | $33.7K | USDY only |
SPIKO vs USDY: frequently asked questions
Is SPIKO or USDY safer?
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On our composite safety score USDY rates 88/100 versus 66/100 for SPIKO. 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 SPIKO and USDY?
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Spiko is issued by Spiko (Not documented), backed by treasuries, with redemption terms: gated. Ondo US Dollar Yield is issued by Ondo Finance (BVI), backed by treasuries, with redemption terms: gated. Attestation coverage is "monthly" for SPIKO and "monthly" for USDY.
Which has the bigger market cap, SPIKO or USDY?
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SPIKO is larger at $2.46B in circulating supply, against $2.14B for the other. Over the last 7 days supply moved +3.06% for SPIKO and +0.08% for USDY.
Are SPIKO and USDY trading at $1.00 right now?
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SPIKO trades at $1.0000 (0.000% off peg) and USDY at $1.1392 (0.000% off peg). The gap between the two is about 1221.9 basis points, which is the cost you pay when rotating size between them before fees.
Has SPIKO or USDY ever depegged?
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SPIKO: no material depeg recorded in our incident set. USDY: 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, SPIKO or USDY?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. USDY shows deeper on-chain liquidity at $2.17B versus $0.00. Combine that with the redemption channel — SPIKO: gated; USDY: gated — and size trades against the primary window rather than the order book where possible.
Can I earn yield on SPIKO or USDY?
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USDY currently shows the higher rate at 3.55% via ondo-yield-assets · Ethereum, against no tracked rate for SPIKO. 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 SPIKO and USDY?
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Both are deployed on 3 shared networks, including Stellar, Arbitrum, Ethereum. SPIKO spans 7 chains in total and USDY spans 11. 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 SPIKO to USDY?
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Budget three components: the current price spread of roughly 1221.9 bps, swap or venue fees, and slippage against available depth ($0.00 for SPIKO, $2.17B for USDY). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is SPIKO or USDY regulated?
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SPIKO is issued from Not documented with monthly; USDY 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.