HostUSDG vs USDE — price, size and safety, side by side
USDG (Solana) vs USDE (Ethereum) — every figure is the freshest dated measurement we hold for that token, never a live-feed guess. Prices stamped 2026-10-17 / 2026-10-17.
USDG vs USDE — normalized performance, 2026-09-08 to 2026-10-17T03:15:24
| USDG | USDE | |
|---|---|---|
| Price | $0.9998 | $1.00 |
| Market cap | $670.45M | $4.80B |
| 24h volume | $78.86M DEX | $15.40M DEX |
| Liquidity | $41.19M | $13.17M |
| FDV | $670.45M | $4.80B |
| Holders | 21,226 | 48,976 |
| Age (days) | — | 84 |
| Safety grade | A | B |
Where they differ
- USDE measures ~7.2× the market cap of USDG
- USDG measures ~3.1× the liquidity of USDE
- USDG measures ~5.1× the 24h volume of USDE
- USDE measures ~2.3× the holder count of USDG
What the data says
USDG
USDG is Paxos's second dollar — the newer stablecoin issued under the same regulated umbrella as PYUSD, but built for the Global Dollar Network, a consortium where the yield on reserves gets shared with the institutions distributing it rather than kept whole by the issuer. On Solana it landed where stablecoins actually move: our October 6, 2026 snapshot shows a market cap of about $670.5 million against 21,226 tracked holders and $41.2 million of on-chain pool liquidity — the deepest profile in this batch, and the reason it grades 100/100.
The honest reading of that grade: a regulated issuer with attested reserves is exactly what the contract side wants, and the distribution deal is why exchanges list it — the incentive that made USDT and USDC entrenched is pointed at growth here. The residual is that "regulated" is a jurisdiction's word for centralized controls: the issuer can freeze balances, and that is a property of the asset, not a defect.
USDE
USDe is Ethena's synthetic dollar — a stablecoin that holds its peg not with bank deposits but with a delta-neutral trade: spot crypto collateral (staked ETH, liquid stables) hedged by short perpetual futures, so the portfolio's dollar value stays flat whatever the market does. The contract 0x4c9edd5852cd905f086c759e8383e09bff1e68b3 is the canonical Ethereum deployment — USDe also exists on Solana under a different mint, where it is one of the deeper stable pools in our corpus. Our October 9, 2026 read shows $13.2 million of tracked pool liquidity on the mainnet venues.
The honest mechanics: USDe's yield is not magic — it is the funding-rate spread between staking yield and the perp market's willingness to pay longs, and that spread can and does go negative. When funding flips, Ethena pays the hedge instead of earning it, and the carry can invert into a slow bleed. The second layer is counterparty: the short positions sit on offshore exchanges through settlement custody, so exchange failures or frozen collateral are real, non-theoretical risks — the design survived the October 2025 liquidation cascade, which is evidence, not a guarantee. It is also not the same risk shape as UST: USDe is fully collateralized at inception; the failure mode is a sustained negative-funding grind plus a custody break, not a mint-redeem death spiral.
FAQ
Which is bigger, USDG or USDE?
By tracked market cap: USDG (Solana) measures $670.45M and USDE (Ethereum) measures $4.80B — dated snapshots, not a live feed.
Which is safer, USDG or USDE?
On the contract checks we publish: USDG (Solana) grades A and USDE (Ethereum) grades B. A grade is a structural check on the contract, not a promise about the asset.
How have USDG and USDE performed over the shared window?
Between 2026-09-08 and 2026-10-17T03:15:24, the measured snapshots show USDG at −0.01% and USDE at +0.07%.
The grade column is the one CMC's compare page cannot print — our grade is computed from the contract itself (mint/freeze authority, liquidity, holder concentration). Changes are measured over the shared window stated on the chart, 2026-09-08→2026-10-17T03:15:24; a token with fewer measured points measures a shorter span inside it.
Figures are dated on-chain snapshots, not a live feed. Safety grades are structural checks — not investment advice. Free · no signup · a HostDeFi product.