USDE vs USDT
Ethena USDe and Tether, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and USDE/USDT spread
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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
The largest dollar token on-chain, backed mainly by US Treasury bills and cash equivalents. Direct redemption is available to verified institutional customers above a minimum size; everyone else exits via secondary markets.
Verdict band: Adequate
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 74 | 76 | USDT |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 58 | 78 | USDT |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $3.43B | $3.49B | USDT |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 54 | 54 | Tie |
| Peg tightness (live)Absolute distance from $1.00 right now — smaller is better. | ●●●●4 of 5 | −0.016% | −0.059% | USDE |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | -2.9% | -4.8% | USDE |
| Track recordYears live and behaviour through past stress events. | ●●●●4 of 5 | 51 | 100 | USDT |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $4.04B | $182.95B | USDT |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 25 chains | 104 chains | USDT |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | 44.72% | 17.67% | 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
USDT scores higher on safety (76 vs 74), driven mainly by collateral quality and disclosure. USDT has deeper tracked liquidity ($3.49B), 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: USDE or USDT?
Capital preservation over everything else.
For park cash safely, USDE edges out USDT — but it is close enough that either works.
- Safety score 74 vs 76, with collateral rated 58/100.
- Current peg deviation -0.016% against -0.059% for USDT.
- 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
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.
USDT
- Issuer and banking risk: reserves sit with Tether under El Salvador / BVI rules.
- Depeg history: 2 recorded event(s), worst deviation -4.80%.
- Attestation cadence: quarterly.
- Yield venue risk: 17.67% is earned outside the token itself.
| Metric | USDE | USDT |
|---|---|---|
| Category | Stablecoin | Stablecoin |
| Issuer | Ethena Labs | Tether |
| Jurisdiction | BVI | El Salvador / BVI |
| Collateral | delta-neutral | fiat-reserves |
| Peg mechanism | crypto-backed | fiat-backed |
| Attestation | monthly | quarterly |
| Redemption | gated | gated |
| Price | $0.9998 | $0.9994 |
| Peg deviation | −0.016% | −0.059% |
| Market cap | $4.04B | $182.95B |
| 7d supply change | +2.85% | +0.51% |
| Liquidity | $3.43B | $3.49B |
| Best yield | 44.72% (accountable · Robinhood Chain) | 17.67% (azuro · Polygon) |
| Chains | 25 | 104 |
| Launched | 2024 | 2014 |
| Worst recorded depeg | −2.9% | −4.8% |
Spread, peg gap and switching cost
- Price spread (USDE vs USDT)
- +4.3 bps
- $0.9998 vs $0.9994
- Peg deviation gap
- -0.043 pp
- USDE −0.016% · USDT −0.059%
- Yield spread
- +27.05%
- USDE 44.72% · USDT 17.67%
- Liquidity ratio
- 0.98×
- $3.43B vs $3.49B
A round trip between USDE and USDT costs roughly the market spread plus venue fees. At 4.3 bps of price gap, swapping $1M implies about $428.88 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 USDE and USDT have actually behaved since launch, including every stress event we have on record.
- USDT
Tether goes live.
- USDT
Launched as Realcoin on Bitcoin's Omni layer, later renamed Tether.
- USDT
NYAG filings reveal reserves were not fully cash-backed at the time.
- USDT
Settles with the NY Attorney General; agrees to quarterly reserve reporting.
- USDT
Terra contagion run (worst deviation -4.8%).
- USDT
Shifts reserves decisively toward short-dated US Treasury bills.
- USDT
Banking stress (worst deviation 0.5%).
- USDE
Ethena USDe goes live.
- USDE
Exchange oracle dislocation (worst deviation -2.9%).
Chain coverage
USDE is live on 25 chains, USDT on 104. 21 chains carry both, so bridging is only unavoidable for the 87 networks where just one of them is deployed.
| Chain | USDE | USDT | Both available |
|---|---|---|---|
| — | $90.48B | USDT only | |
| $2.24B | $74.15B | Yes | |
| $168.49M | $9.18B | Yes | |
| $537.71M | $2.86B | Yes | |
| — | $976.42M | USDT only | |
| $1.82M | $852.74M | Yes | |
| — | $832.75M | USDT only | |
| $138.95M | $680.39M | Yes | |
| $146.79M | $649.09M | Yes | |
| $62.19M | $437.42M | Yes | |
| $1.26M | $382.36M | Yes | |
| $360.23M | — | USDE only | |
| $290.14M | — | USDE only | |
| — | $228.35M | USDT only | |
| $13.6K | $192.98M | Yes | |
| $64.50M | $77.53M | Yes | |
| $15.46M | $100.27M | Yes | |
| — | $113.10M | USDT only | |
| — | $82.91M | USDT only | |
| — | $79.99M | USDT only |
USDE vs USDT: frequently asked questions
Is USDE or USDT safer?
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On our composite safety score USDT rates 76/100 versus 74/100 for USDE. The score weighs collateral quality (fiat-reserves 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 USDE and USDT?
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Ethena USDe is issued by Ethena Labs (BVI), backed by delta-neutral, with redemption terms: gated. Tether is issued by Tether (El Salvador / BVI), backed by fiat-reserves, with redemption terms: gated. Attestation coverage is "monthly" for USDE and "quarterly" for USDT.
Which has the bigger market cap, USDE or USDT?
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USDT is larger at $182.95B in circulating supply, against $4.04B for the other. Over the last 7 days supply moved +2.85% for USDE and +0.51% for USDT.
Are USDE and USDT trading at $1.00 right now?
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USDE trades at $0.9998 (−0.016% off peg) and USDT at $0.9994 (−0.059% 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 USDE or USDT ever depegged?
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USDE: worst recorded deviation −2.9%. USDT: worst recorded deviation −4.8%. 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, USDE or USDT?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. USDT shows deeper on-chain liquidity at $3.49B versus $3.43B. Combine that with the redemption channel — USDE: gated; USDT: gated — and size trades against the primary window rather than the order book where possible.
Can I earn yield on USDE or USDT?
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USDE currently shows the higher rate at 44.72% via accountable · Robinhood Chain, against 17.67% via azuro · Polygon for USDT. 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 USDE and USDT?
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Both are deployed on 21 shared networks, including Ethereum, Solana, BSC, Plasma, TON, Monad. USDE spans 25 chains in total and USDT spans 104. 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 USDE to USDT?
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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 ($3.43B for USDE, $3.49B for USDT). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is USDE or USDT regulated?
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USDE is issued from BVI with monthly; USDT is issued from El Salvador / BVI with quarterly. 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.