Ethena vs Tether Gold

Compare Ethena and Tether Gold on TVL, fees, revenue and activity to understand how these projects stack up.

$4.712B
USDe is Ethena’s synthetic dollar backed by delta‑neutral ETH perpetual hedge positions rather than off‑chain treasuries. The collateral basket auto‑rebalances between spot ETH, LSTs and short perps so the net delta remains near zero, turning staking rewards and funding rates into protocol revenue. USDe launched on Ethereum in January 2024 and surpassed $2 billion supply within five months, with deep secondary liquidity on Curve and Bybit.
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$3.059B
Tether Gold (XAUt) is a digital token backed by physical gold stored in Swiss vaults. It combines direct gold exposure with crypto-native features like divisibility, 24/7 trading, and easy redemption.
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Key Metrics Comparison

Ethena
TVL
$4.712B
24h Volume
N/A
24h Fees
$130
24h Revenue
$130
30d Fees
$15.95M
30d Revenue
$21.1K
7d TVL Change
+3.24%
Dominance
1.69%
Tether Gold
TVL
$3.059B
24h Volume
N/A
24h Fees
$0
24h Revenue
$0
30d Fees
$0
30d Revenue
$0
7d TVL Change
-7.31%
Dominance
1.10%

Category Performance

Visual comparison across key categories. Ring fill represents relative strength or share between the two assets.

TVL Share

Share of combined TVL

TVL Share
Ethena
60.6%
Tether Gold
39.4%

Volume Share

Share of combined 24h volume

Volume Share
Ethena
1.0%
Tether Gold
1.0%

Fees Share

Share of combined 24h fees

Fees Share
Ethena
100.0%
Tether Gold
1.0%

Revenue Share

Share of combined 24h revenue

Revenue Share
Ethena
100.0%
Tether Gold
1.0%

7d TVL Performance

TVL change over last 7 days

7d TVL Performance
Ethena
3.24%
Tether Gold
-7.31%

Dominance

Market dominance by TVL

Dominance
Ethena
1.7%
Tether Gold
1.1%
TVL Comparison
Ethena
Tether Gold