Ethena vs Tether Gold
Compare Ethena and Tether Gold on TVL, fees, revenue and activity to understand how these projects stack up.
$5.168B
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.
View Full PageTether 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.
View Full PageKey Metrics Comparison
Ethena
TVL$5.168B
24h VolumeN/A
24h Fees$7.9K
24h Revenue$7.9K
30d Fees$22.03M
30d Revenue$61.6K
7d TVL Change-1.55%
Dominance1.82%
Tether Gold
TVLN/A
24h VolumeN/A
24h Fees$0
24h Revenue$0
30d Fees$1.13M
30d Revenue$1.13M
7d TVL ChangeN/A
Dominance0.00%
Category Performance
Visual comparison across key categories. Ring fill represents relative strength or share between the two assets.
TVL Share
Share of combined TVL
Ethena
1.0%Tether Gold
1.0%Volume Share
Share of combined 24h volume
Ethena
1.0%Tether Gold
1.0%Fees Share
Share of combined 24h fees
Ethena
100.0%Tether Gold
1.0%Revenue Share
Share of combined 24h revenue
Ethena
100.0%Tether Gold
1.0%7d TVL Performance
TVL change over last 7 days
Ethena
-1.55%Tether Gold
N/ADominance
Market dominance by TVL
Ethena
1.8%Tether Gold
0.0%