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.
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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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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.
View Full PageKey Metrics Comparison
Ethena USDeUSDE
Market Cap$4.322B
24h Volume$93.63M
Liquidity Ratio2.17%
24h Change-0.01%
7d Change0.00%
Circulating Supply4,322,987,389.128
Max SupplyN/A
All-Time High$1
PayPal USDPYUSD
Market Cap$3.018B
24h Volume$86.79M
Liquidity Ratio2.88%
24h Change-0.01%
7d Change0.00%
Circulating Supply3,018,258,603.294
Max SupplyN/A
All-Time High$1
Category Performance
Visual comparison across key categories. Ring fill represents relative strength or share between the two assets.
Market Share
Share of combined market cap
USDE
58.9%PYUSD
41.1%Volume Share
Share of combined 24h volume
USDE
51.9%PYUSD
48.1%24h Performance
Price change over last 24 hours
USDE
-0.01%PYUSD
-0.01%7d Performance
Price change over last 7 days
USDE
0.00%PYUSD
0.00%Proximity to ATH
How close to all-time high (closer is better)
USDE
-3.3%PYUSD
-2.1%Liquidity Ratio
Volume to market cap ratio (higher = more liquid)
USDE
2.17%PYUSD
2.88%