USDe
Ethena USDe
- Non-yield-bearing design
- 32 tracked chain deployments
- Real-Time PoR
Ethena USDe (USDe) vs Sky Dollar (USDS)
Ethena USDe and Sky Dollar are two widely followed stablecoins. Both target the US Dollar. They share a cefi-dependent governance model. Both use crypto-backed designs. Neither token is primarily a yield-bearing wrapper, so the comparison centers on collateral, issuer controls, liquidity, and peg behavior. This static comparison highlights structural differences before you open the live Pharos compare tool.
Comparison brief
USDe has 32 tracked deployments, while USDS has 7. Both sit in the crypto cohort. Use the rows below to separate headline market share from the mechanics that matter during stress: redemption path, reserve signal, blacklistability, and venue depth.
USDS
Sky Dollar
- Non-yield-bearing design
- 7 tracked chain deployments
- No linked proof-of-reserves provider
At a glance
Static structural differences between the two stablecoins before you switch to the live comparison tool.
| Metric | USDe | USDS |
|---|---|---|
| Safety Score (as of 2026-11-10) | C 57/100 | B 74/100 |
| Governance | CeFi-Dependent | CeFi-Dependent |
| Backing | Crypto | Crypto |
| Peg target | US Dollar | US Dollar |
| Yield-bearing | No | No |
| Governance + backing lens | CeFi-Dependent / Crypto | CeFi-Dependent / Crypto |
| Blacklist controls | Upstream freeze exposure | Blacklist or freeze exposure possible |
| Reserve signal | Real-time reserve reporting | Shared Sky/Maker balance sheet with DAI: measured canonical USDC in the LitePSM, Spark lending, Grove RWA, Obex and Osero allocator strategies, Core crypto vaults, Staking Engine, and legacy RWA |
| Latest reviewed report period | 2026-09-27[1][2] | Not recorded |
| Assurance scope | Method not established; assets only; liability reconciliation unknown[1][2] | Not recorded |
| Direct redemption eligibility | Whitelisted primary-market participants (reviewed 2026-03-23)[1][2] | Not recorded |
| Redemption fee basis | 10 bps for USDT/USDC redemption under the reviewed USDe terms (reviewed 2026-03-23)[1][2] | Not recorded |
| Tracked chains | 32 deployments | 7 deployments |
Report periods and redemption review dates refer to the linked evidence. Fees describe issuer or protocol charges; bank, network and delivery costs may apply.
Research links
Related taxonomies
Related comparisons
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USDe vs USDS FAQ
What is the main difference between USDe and USDS?
Ethena USDe (USDe) and Sky Dollar (USDS) share the same broad governance and backing labels in Pharos, so the useful comparison is in the live details: peg history, liquidity depth, reserve signal, issuer controls, chain deployments, and dependency exposure.
Which is safer: USDe or USDS?
In the Pharos Safety Score release of 2026-11-10, USDe held a C Safety Score grade (57/100) and USDS held a B Safety Score grade (74/100). Safety is not decided by ticker alone. Use this static page for the structural comparison, then open the live USDe vs USDS compare tool and Safety Scores page for current V10 Backing, Exit, and Economic Control pillars plus peg behavior, dependency exposure, evidence quality, and structural caps.
Where can I compare current USDe and USDS data?
Open the live USDe vs USDS comparison from this page to see current peg behavior, liquidity, flows, and Safety Scores. Use this brief to understand the structural differences, then check each coin's latest evidence before making a decision.