Ethena USDe
USDE
Tether
USDT
Ethena USDe vs Tether
Last 7 days, both indexed to zero
Each line starts at zero seven days ago and shows the percentage move since, so the two are on the same scale regardless of what one coin costs. Seven days is a week, not a trend.
| USDE | USDT | |
|---|---|---|
| Price A higher price per coin is not a bigger asset — it is the same value cut into fewer pieces. | $0.9996 | $0.9992 |
| Market cap Price multiplied by circulating supply. The closest thing to "how big is this". | $3.93B | $183.06B (larger) |
| Rank by market cap | #25 | #3 (larger) |
| Change, 24h | 0.00% | 0.00% |
| Change, 7 days | 0.00% | 0.00% |
| 24h volume How much actually changed hands. Thin volume against a large market cap means the price is easier to move than the cap suggests. | $39.08M | $32.9B (larger) |
| Daily turnover Volume as a share of market cap — how much of the asset trades in a day. | 0.99% | 17.97% (larger) |
| Circulating supply | 3,930,971,157 USDE | 183,218,799,295 USDT (larger) |
| Supply cap A hard cap and an uncapped supply are different designs, not a better and a worse one — what matters is whether issuance is predictable. | No fixed cap | No fixed cap |
| Below all-time high How far each sits under its own record price. It says where the price has been, not where it is going. | ▼3.32% | ▼24.31% |
| All-time high | $1.03 Dec 2025 | $1.32 Jul 2018 |
A highlighted figure is simply the larger of the two. It is marked on size, liquidity and supply — where bigger is a fact — and deliberately not on price or on percentage change, where "bigger" would be us implying a winner.
What each one is
Ethena USDe
USDe is a synthetic dollar issued by Ethena, launched in 2024. Despite trading near a dollar, it is not a stablecoin in the sense that USDC or Tether are — no bank account holds dollars behind it.
Tether
Tether (USDT) is a stablecoin designed to hold a value of one US dollar. Launched in 2014, it is issued by Tether Limited, and it is consistently the most heavily traded asset in crypto — for many traders it functions as the dollar of the crypto market, particularly outside the United States.
Where each one lives
Ethena USDe
Issued as a token on Aptos, Arbitrum, Avalanche, Base and 26 more.
The same name exists on several chains. Sending to the wrong one is the most common way people lose money here — check the contract address on the USDE page.
Tether
Issued as a token on Aptos, Avalanche, Celo, Ethereum and 7 more.
The same name exists on several chains. Sending to the wrong one is the most common way people lose money here — check the contract address on the USDT page.
Whichever you hold, holding it yourself is the same problem
Both of these can sit on an exchange, and on an exchange neither of them is yours in the way people assume. If you decide to hold either one properly, this is the category that does it — devices that keep the keys off any internet-connected machine.
All hardware wallets we list → Some listings earn us a commission. That buys position on a list and nothing else — our rules, in writing.
We do not know your position, your timeframe or your tolerance for losing money, and any page that claims to answer this question without knowing those things is selling something. What we can do is make sure the facts above are current and that nothing on this page was paid for. Both of these assets can fall a long way.
Other comparisons
Figures for Ethena USDe and Tether synced 2m ago from CoinGecko and shown in USD. This page is market information and education, not financial advice, and nothing on it is a recommendation to buy or sell USDE or USDT. Both can lose value.