U vs USDE
United Stables and Ethena USDe, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and U/USDE spread
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United Stables is a dollar-denominated token tracked across 3 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 | 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 | $39.47B | $3.43B | U |
| 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 | −0.053% | −0.016% | USDE |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | None recorded | -2.9% | U |
| Track recordYears live and behaviour through past stress events. | ●●●●4 of 5 | 53 | 51 | U |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $1.26B | $4.04B | USDE |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 3 chains | 25 chains | USDE |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | 8.00% | 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 73), driven mainly by collateral quality and disclosure. U has deeper tracked liquidity ($39.47B), 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: U or USDE?
Capital preservation over everything else.
For park cash safely, USDE edges out U — but it is close enough that either works.
- Safety score 74 vs 73, with collateral rated 58/100.
- Current peg deviation -0.016% against -0.053% for U.
- 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
U
- 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.
- Yield venue risk: 8.00% is earned outside the token itself.
- Chain concentration: 81% of supply sits on BSC.
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 | U | 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 | $0.9995 | $0.9998 |
| Peg deviation | −0.053% | −0.016% |
| Market cap | $1.26B | $4.04B |
| 7d supply change | +3.64% | +2.85% |
| Liquidity | $39.47B | $3.43B |
| Best yield | 8.00% (bitway-earn · BSC) | 44.72% (accountable · Robinhood Chain) |
| Chains | 3 | 25 |
| Launched | — | 2024 |
| Worst recorded depeg | None recorded | −2.9% |
Spread, peg gap and switching cost
- Price spread (U vs USDE)
- -3.6 bps
- $0.9995 vs $0.9998
- Peg deviation gap
- 0.036 pp
- U −0.053% · USDE −0.016%
- Yield spread
- -36.72%
- U 8.00% · USDE 44.72%
- Liquidity ratio
- 11.52×
- $39.47B vs $3.43B
A round trip between U and USDE costs roughly the market spread plus venue fees. At 3.6 bps of price gap, swapping $1M implies about $363.14 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 U 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
U is live on 3 chains, USDE on 25. 2 chains carry both, so bridging is only unavoidable for the 24 networks where just one of them is deployed.
| Chain | U | USDE | Both available |
|---|---|---|---|
| $181.50M | $2.24B | Yes | |
| $1.02B | $168.49M | Yes | |
| — | $537.71M | USDE only | |
| — | $360.23M | USDE only | |
| — | $290.14M | USDE only | |
| — | $146.79M | USDE only | |
| — | $138.95M | USDE only | |
| — | $64.50M | USDE only | |
| — | $62.19M | USDE only | |
| $54.97M | — | U only | |
| — | $15.46M | USDE only | |
| — | $12.37M | 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 |
U vs USDE: frequently asked questions
Is U or USDE safer?
+
On our composite safety score USDE rates 74/100 versus 73/100 for U. 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 U and USDE?
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United Stables 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 U and "monthly" for USDE.
Which has the bigger market cap, U or USDE?
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USDE is larger at $4.04B in circulating supply, against $1.26B for the other. Over the last 7 days supply moved +3.64% for U and +2.85% for USDE.
Are U and USDE trading at $1.00 right now?
+
U trades at $0.9995 (−0.053% off peg) and USDE at $0.9998 (−0.016% off peg). The gap between the two is about 3.6 basis points, which is the cost you pay when rotating size between them before fees.
Has U or USDE ever depegged?
+
U: 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, U or USDE?
+
For block size the constraint is exit liquidity and primary redemption, not headline supply. U shows deeper on-chain liquidity at $39.47B versus $3.43B. Combine that with the redemption channel — U: market-only; USDE: gated — and size trades against the primary window rather than the order book where possible.
Can I earn yield on U or USDE?
+
USDE currently shows the higher rate at 44.72% via accountable · Robinhood Chain, against 8.00% via bitway-earn · BSC for U. 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 U and USDE?
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Both are deployed on 2 shared networks, including BSC, Ethereum. U spans 3 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 U to USDE?
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Budget three components: the current price spread of roughly 3.6 bps, swap or venue fees, and slippage against available depth ($39.47B for U, $3.43B for USDE). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is U or USDE regulated?
+
U 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.