{"slug":"usde-vs-usdc","question":"USDe or USDC — is Ethena’s synthetic dollar a stablecoin like USDC?","answer":"USDE: $4.7B in circulation, MiCA status not in our data. sUSDe (Ethena Labs): size not stated, yields ~5.0% (variable), MiCA status not in our data.","shortAnswer":"USDE: $4.7B in circulation, MiCA status not in our data. sUSDe (Ethena Labs): size not stated, yields ~5.0% (variable), MiCA status not in our data. USDC (Circle): $72.7B in circulation, authorised under MiCA in the EU. USDT (Tether): $183.4B in circulation, not authorised under MiCA.","asOf":"2026-11-09","faq":[{"q":"What can make USDe lose its peg?","a":"Risks a cash-backed coin does not have: a long stretch of negative funding rates, a failure at an exchange or custodian holding the hedges, or a sudden crash that the hedge cannot follow. USDC and USDT depend instead on the quality and access of their reserves."},{"q":"Which of them can I buy without KYC?","a":"3 of 4 can be bought on a DEX without identity verification: sUSDe, USDC, USDT. For the rest, the source does not state the secondary-market gate."},{"q":"Where does the yield come from?","a":"sUSDe: Delta-neutral futures basis trade + staking."},{"q":"Which is the largest?","a":"By size, USDT at $183.4B, followed by USDC at $72.7B and USDE at $4.7B. Size is not safety, but a larger product usually means a deeper market to sell into."},{"q":"Are these yields fixed?","a":"1 of 4 are variable: the rate moves with markets and is not guaranteed. The figures on this page were last checked between 2026-10-11 and 2026-11-09."}],"count":4,"rows":[{"ticker":"USDE","name":"Ethena USDe","issuer":null,"category":"Payment Stablecoins","yield":"No yield","yieldPct":null,"yieldKind":"none","minimumUsd":null,"size":"$4,682,788,715 circulating","chains":"Ethereum / Plasma / Solana (+28)","country":"United States","kycSecondary":"unknown","maturity":null,"lifecycle":"live","isin":null,"contract":null,"source":null,"lastVerified":null,"tier":"imported","page":"https://tokenbank.world/token/USDE","json":"https://tokenbank.world/api/tokens/USDE"},{"ticker":"sUSDe","name":"Ethena Staked USDe","issuer":"Ethena Labs","category":"Yield Stablecoins","yield":"~5.0% (variable)","yieldPct":5,"yieldKind":"variable","minimumUsd":0,"size":"—","chains":"Ethereum (+L2)","country":"—","kycSecondary":"none","maturity":null,"lifecycle":"live","isin":null,"contract":null,"source":"https://aavescan.com/rates/ethena-susde","lastVerified":"2026-11-09","tier":"curated","page":"https://tokenbank.world/token/sUSDe","json":"https://tokenbank.world/api/tokens/sUSDe"},{"ticker":"USDC","name":"USD Coin","issuer":"Circle","category":"Payment Stablecoins","yield":"No yield","yieldPct":null,"yieldKind":"none","minimumUsd":null,"size":"$72,656,933,418 circulating","chains":"Ethereum / Hyperliquid L1 / Solana (+154)","country":"United States","kycSecondary":"none","maturity":null,"lifecycle":"live","isin":null,"contract":null,"source":"https://www.circle.com/circle-mint","lastVerified":"2026-10-11","tier":"imported","page":"https://tokenbank.world/token/USDC","json":"https://tokenbank.world/api/tokens/USDC"},{"ticker":"USDT","name":"Tether","issuer":"Tether","category":"Payment Stablecoins","yield":"No yield","yieldPct":null,"yieldKind":"none","minimumUsd":null,"size":"$183,360,958,165 circulating","chains":"Tron / Ethereum / BSC (+127)","country":"United States","kycSecondary":"none","maturity":null,"lifecycle":"live","isin":null,"contract":null,"source":"https://tether.to/en/fees/","lastVerified":"2026-10-11","tier":"imported","page":"https://tokenbank.world/token/USDT","json":"https://tokenbank.world/api/tokens/USDT"}],"programs":[],"underlyings":[],"sources":[],"_links":{"page":"https://tokenbank.world/answers/usde-vs-usdc","index":"https://tokenbank.world/api/v1/answers"},"_citation":"TokenBank, “USDe or USDC — is Ethena’s synthetic dollar a stablecoin like USDC?”, https://tokenbank.world/answers/usde-vs-usdc (data as of 2026-11-09), CC BY 4.0.","_license":"CC BY 4.0 — https://creativecommons.org/licenses/by/4.0/","_disclaimer":"Computed from sourced data; yields are variable and not guaranteed. Not investment advice. Verify each row’s source before relying on it."}