Ethena USDe (USDE) vs PayPal USD (PYUSD)

Learn how Ethena USDe and PayPal USD differ in their key features, market performance, and community adoption, so you can decide which cryptocurrency is best for your investment strategy.

$0.9994

#23

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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$0.9999

#32

PayPal USD is designed to contribute to the opportunity stablecoins offer for payments and is 100% backed by U.S. dollar deposits, short-term U.S Treasuries and similar cash equivalents. PayPal USD is redeemable 1:1 for U.S. dollars and is issued by Paxos Trust Company.

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Key Metrics Comparison

Ethena USDeUSDE

Market Cap

$4.5B

24h Volume

$126.6M

Liquidity Ratio

2.81%

24h Change

-0.00%

7d Change

+0.06%

Circulating Supply

4,502,896,497.542

Max Supply

N/A

All-Time High

PayPal USDPYUSD

Market Cap

$2.869B

24h Volume

$252.72M

Liquidity Ratio

8.81%

24h Change

+0.02%

7d Change

+0.03%

Circulating Supply

2,868,763,685.307

Volume to market cap ratio (higher = more liquid)

USDE

2.81%

PYUSD

8.81%