Ethena USDe (USDE) vs Ondo US Dollar Yield (USDY)
Learn how Ethena USDe and Ondo US Dollar Yield differ in their key features, market performance, and community adoption, so you can decide which cryptocurrency is best for your investment strategy.
$0.9995
#30
Ethena Labs is a decentralized finance (DeFi) protocol on Ethereum whose main product is USDe, a synthetic stablecoin backed by the US dollar. It aims to be a sort of "Internet bond" with a specific collateral mechanism secured by the cryptocurrencies stETH, WBETH, mETH, WETH, and USDT. Specifically, when a user deposits any of these cryptocurrencies, the protocol opens an equivalent "short" position to hedge against potential declines.
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#47
USDY is a yield-bearing token available natively across many of the largest blockchain networks. Currently deployed on Ethereum, Arbitrum, Mantle, Solana, Sui, Aptos, Noble. USDY is secured by US Treasuries and accrues yield daily. USDY is over-collateralized with third-party attestations published daily.
View Full PageKey Metrics Comparison
Ethena USDeUSDE
Market Cap$3.968B
24h Volume$61.12M
Liquidity Ratio1.54%
24h Change+0.01%
7d Change+0.02%
Circulating Supply3,970,685,183.6
Max SupplyN/A
All-Time High$1
Ondo US Dollar YieldUSDY
Market Cap$1.902B
24h Volume$5.23M
Liquidity Ratio0.28%
24h Change+0.45%
7d Change+0.93%
Circulating Supply1,672,987,285.598
Max SupplyN/A
All-Time High$1
Category Performance
Visual comparison across key categories. Ring fill represents relative strength or share between the two cryptocurrencies.
Market Share
Share of combined market cap
USDE
67.6%USDY
32.4%Volume Share
Share of combined 24h volume
USDE
92.1%USDY
7.9%24h Performance
Price change over last 24 hours
USDE
0.01%USDY
0.45%7d Performance
Price change over last 7 days
USDE
0.02%USDY
0.93%Proximity to ATH
How close to all-time high (closer is better)
USDE
-3.3%USDY
-9.5%Liquidity Ratio
Volume to market cap ratio (higher = more liquid)
USDE
1.54%USDY
0.28%