U vs USDS
United Stables and Sky Dollar, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and U/USDS spread
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United Stables is a dollar-denominated token tracked across 4 chains. No verified issuer disclosure is on file, so its collateral and legal structure score conservatively.
Verdict band: Adequate
Sky's upgraded dollar, overcollateralised on-chain by crypto assets and tokenised real-world credit. Collateral is verifiable on-chain in real time; a large share is now allocated to Treasury-backed exposure.
Verdict band: Strong
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 72 | 87 | USDS |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 55 | 84 | USDS |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $38.63B | $2.05B | U |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 48 | 82 | USDS |
| Peg tightness (live)Absolute distance from $1.00 right now — smaller is better. | ●●●●4 of 5 | −0.067% | −0.025% | USDS |
| 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 | 61 | USDS |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $1.56B | $6.84B | USDS |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 4 chains | 4 chains | Tie |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | 8.00% | 13.90% | USDS |
"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
USDS scores higher on safety (87 vs 72), driven mainly by collateral quality and disclosure. U has deeper tracked liquidity ($38.63B), which is what determines whether you can exit at size. USDS currently earns up to 13.90% — 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 USDS?
Capital preservation over everything else.
For park cash safely, USDS is the better fit over U.
- Safety score 87 vs 72, with collateral rated 84/100.
- Current peg deviation -0.025% against -0.067% for U.
- No material depeg recorded for USDS 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
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: 71% of supply sits on BSC.
USDS
- 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.
- Attestation cadence: onchain.
- Yield venue risk: 13.90% is earned outside the token itself.
- Chain concentration: 98% of supply sits on Ethereum.
| Metric | U | USDS |
|---|---|---|
| Category | Stablecoin | Stablecoin |
| Issuer | Undisclosed | Sky (formerly MakerDAO) |
| Jurisdiction | Not documented | Decentralised / Cayman foundation |
| Collateral | crypto-backed | crypto-overcollateralized |
| Peg mechanism | crypto-backed | crypto-backed |
| Attestation | none | onchain |
| Redemption | market-only | direct |
| Price | $0.9993 | $0.9997 |
| Peg deviation | −0.067% | −0.025% |
| Market cap | $1.56B | $6.84B |
| 7d supply change | +6.32% | +4.66% |
| Liquidity | $38.63B | $2.05B |
| Best yield | 8.00% (bitway-earn · BSC) | 13.90% (yearn-finance · Ethereum) |
| Chains | 4 | 4 |
| Launched | — | 2024 |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (U vs USDS)
- -4.2 bps
- $0.9993 vs $0.9997
- Peg deviation gap
- 0.042 pp
- U −0.067% · USDS −0.025%
- Yield spread
- -5.90%
- U 8.00% · USDS 13.90%
- Liquidity ratio
- 18.86×
- $38.63B vs $2.05B
A round trip between U and USDS costs roughly the market spread plus venue fees. At 4.2 bps of price gap, swapping $1M implies about $419.21 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 USDS have actually behaved since launch, including every stress event we have on record.
- USDS
Sky Dollar goes live.
Chain coverage
U is live on 4 chains, USDS on 4. 1 chains carry both, so bridging is only unavoidable for the 6 networks where just one of them is deployed.
| Chain | U | USDS | Both available |
|---|---|---|---|
| $365.91M | $6.74B | Yes | |
| $1.11B | — | U only | |
| — | $99.74M | USDS only | |
| $54.96M | — | U only | |
| $29.98M | — | U only | |
| — | $5.62M | USDS only | |
| — | $2.91M | USDS only |
U vs USDS: frequently asked questions
Is U or USDS safer?
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On our composite safety score USDS rates 87/100 versus 72/100 for U. The score weighs collateral quality (crypto-overcollateralized 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 USDS?
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United Stables is issued by Undisclosed (Not documented), backed by crypto-backed, with redemption terms: market-only. Sky Dollar is issued by Sky (formerly MakerDAO) (Decentralised / Cayman foundation), backed by crypto-overcollateralized, with redemption terms: direct. Attestation coverage is "none" for U and "onchain" for USDS.
Which has the bigger market cap, U or USDS?
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USDS is larger at $6.84B in circulating supply, against $1.56B for the other. Over the last 7 days supply moved +6.32% for U and +4.66% for USDS.
Are U and USDS trading at $1.00 right now?
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U trades at $0.9993 (−0.067% off peg) and USDS at $0.9997 (−0.025% off peg). The gap between the two is about 4.2 basis points, which is the cost you pay when rotating size between them before fees.
Has U or USDS ever depegged?
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U: no material depeg recorded in our incident set. USDS: 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, U or USDS?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. U shows deeper on-chain liquidity at $38.63B versus $2.05B. Combine that with the redemption channel — U: market-only; USDS: direct — and size trades against the primary window rather than the order book where possible.
Can I earn yield on U or USDS?
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USDS currently shows the higher rate at 13.90% via yearn-finance · Ethereum, 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 USDS?
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Both are deployed on 1 shared network, including Ethereum. U spans 4 chains in total and USDS spans 4. 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 USDS?
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Budget three components: the current price spread of roughly 4.2 bps, swap or venue fees, and slippage against available depth ($38.63B for U, $2.05B for USDS). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is U or USDS regulated?
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U is issued from Not documented with none; USDS is issued from Decentralised / Cayman foundation with onchain. 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.