USDE vs USDX
Ethena USDe and Axis USD, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and USDE/USDX 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
Axis USD is a dollar-denominated token tracked across 1 chains. No verified issuer disclosure is on file, so its collateral and legal structure score conservatively.
Verdict band: Adequate
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 72 | 68 | USDE |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 58 | 55 | USDE |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $2.23B | $26.87M | USDE |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 54 | 48 | USDE |
| Peg tightness (live)Absolute distance from $1.00 right now — smaller is better. | ●●●●4 of 5 | −0.031% | +0.003% | USDX |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | -2.9% | None recorded | USDX |
| Track recordYears live and behaviour through past stress events. | ●●●●4 of 5 | 51 | 53 | USDX |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $4.89B | $60.78M | USDE |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 25 chains | 1 chains | USDE |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | 12.46% | 14.95% | USDX |
"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 (72 vs 68), driven mainly by collateral quality and disclosure. USDE has deeper tracked liquidity ($2.23B), which is what determines whether you can exit at size. USDX currently earns up to 14.95% — 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 USDX?
Capital preservation over everything else.
For park cash safely, USDX edges out USDE — but it is close enough that either works.
- Safety score 68 vs 72, with collateral rated 55/100.
- Current peg deviation 0.003% against -0.031% for USDE.
- No material depeg recorded for USDX 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
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.
USDX
- 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: 14.95% is earned outside the token itself.
- Chain concentration: 100% of supply sits on Ethereum.
| Metric | USDE | USDX |
|---|---|---|
| Category | Stablecoin | Stablecoin |
| Issuer | Ethena Labs | Undisclosed |
| Jurisdiction | BVI | Not documented |
| Collateral | delta-neutral | crypto-backed |
| Peg mechanism | crypto-backed | crypto-backed |
| Attestation | monthly | none |
| Redemption | gated | market-only |
| Price | $0.9997 | $1.0000 |
| Peg deviation | −0.031% | +0.003% |
| Market cap | $4.89B | $60.78M |
| 7d supply change | −0.10% | +7.73% |
| Liquidity | $2.23B | $26.87M |
| Best yield | 12.46% (accountable · Robinhood Chain) | 14.95% (pendle-v2 · Ethereum) |
| Chains | 25 | 1 |
| Launched | 2024 | — |
| Worst recorded depeg | −2.9% | None recorded |
Spread, peg gap and switching cost
- Price spread (USDE vs USDX)
- -3.4 bps
- $0.9997 vs $1.0000
- Peg deviation gap
- 0.027 pp
- USDE −0.031% · USDX +0.003%
- Yield spread
- -2.49%
- USDE 12.46% · USDX 14.95%
- Liquidity ratio
- 83.02×
- $2.23B vs $26.87M
A round trip between USDE and USDX costs roughly the market spread plus venue fees. At 3.4 bps of price gap, swapping $1M implies about $339.76 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 USDX 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
USDE is live on 25 chains, USDX on 1. 1 chains carry both, so bridging is only unavoidable for the 24 networks where just one of them is deployed.
| Chain | USDE | USDX | Both available |
|---|---|---|---|
| $2.71B | $60.78M | Yes | |
| $542.29M | — | USDE only | |
| $455.08M | — | USDE only | |
| $392.50M | — | USDE only | |
| $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 |
USDE vs USDX: frequently asked questions
Is USDE or USDX safer?
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On our composite safety score USDE rates 72/100 versus 68/100 for USDX. 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 USDE and USDX?
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Ethena USDe is issued by Ethena Labs (BVI), backed by delta-neutral, with redemption terms: gated. Axis USD is issued by Undisclosed (Not documented), backed by crypto-backed, with redemption terms: market-only. Attestation coverage is "monthly" for USDE and "none" for USDX.
Which has the bigger market cap, USDE or USDX?
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USDE is larger at $4.89B in circulating supply, against $60.78M for the other. Over the last 7 days supply moved −0.10% for USDE and +7.73% for USDX.
Are USDE and USDX trading at $1.00 right now?
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USDE trades at $0.9997 (−0.031% off peg) and USDX at $1.0000 (+0.003% off peg). The gap between the two is about 3.4 basis points, which is the cost you pay when rotating size between them before fees.
Has USDE or USDX ever depegged?
+
USDE: worst recorded deviation −2.9%. USDX: 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, USDE or USDX?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. USDE shows deeper on-chain liquidity at $2.23B versus $26.87M. Combine that with the redemption channel — USDE: gated; USDX: market-only — and size trades against the primary window rather than the order book where possible.
Can I earn yield on USDE or USDX?
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USDX currently shows the higher rate at 14.95% via pendle-v2 · Ethereum, against 12.46% via accountable · Robinhood Chain for USDE. 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 USDX?
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Both are deployed on 1 shared network, including Ethereum. USDE spans 25 chains in total and USDX spans 1. 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 USDX?
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Budget three components: the current price spread of roughly 3.4 bps, swap or venue fees, and slippage against available depth ($2.23B for USDE, $26.87M for USDX). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is USDE or USDX regulated?
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USDE is issued from BVI with monthly; USDX is issued from Not documented with none. 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.