HostUSDM vs WSTETH — price, size and safety, side by side
USDM (Ethereum) vs WSTETH (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.
USDM vs WSTETH — normalized performance, 2026-09-21 to 2026-10-17T03:15:24
| USDM | WSTETH | |
|---|---|---|
| Price | $0.9928 | $3.02K |
| Market cap | $6.50B | $11.49B |
| 24h volume | $7.97M DEX | $11.82M DEX |
| Liquidity | $57.34M | $48.32M |
| FDV | $6.50B | $11.44B |
| Holders | 175 | 39,244 |
| Age (days) | 1,021 | 386 |
| Safety grade | B | B |
Where they differ
- WSTETH measures ~1.8× the market cap of USDM
- WSTETH measures ~224× the holder count of USDM
What the data says
USDM
USDM is Mountain Protocol's yield-bearing dollar — a regulated, rebasing stablecoin that pays T-bill yield to holders by growing their balance rather than requiring a stake contract. The deployment 0xbbaec992fc2d637151daf40451f160bf85f3c8c1 is the Ethereum mint; our October 6, 2026 snapshot reads $57 million of tracked pool liquidity.
The honest mechanics: rebasing means balance and "value" move together — a wallet holding USDM sees the unit count tick up daily as yield accrues, which is elegant until accounting or a DeFi pool assumes a static balance. Regulated in Bermuda, permissioned to hold — both the feature set and the limitation come from the same compliance posture.
WSTETH
wstETH is stETH made legible to DeFi — the same claim on Lido-staked Ether, wrapped so the balance stops moving: where stETH re-bases your token count upward each day, wstETH holds a fixed count and lets the exchange rate against stETH do the appreciating. That is the shape lending markets, bridges and LPs need, which is why the contract at 0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0 became the canonical collateral form — our October 9, 2026 snapshot reads $48.3 million of tracked pool liquidity on it.
The verdict therefore inherits stETH's, plus one wrapper-layer note. You hold a claim on staked ETH via Lido — subject to its validator set, Ethereum's exit queue, and stETH's own depeg memory (June 2022, when it traded visibly under par) — and the price shown for wstETH is stETH's price times a steadily growing conversion rate, so it will always quote above ETH while tracking correctly. Nothing about that is a defect; it is the mechanic to understand before reading the quote as a premium.
FAQ
Which is bigger, USDM or WSTETH?
By tracked market cap: USDM (Ethereum) measures $6.50B and WSTETH (Ethereum) measures $11.49B — dated snapshots, not a live feed.
Which is safer, USDM or WSTETH?
On the contract checks we publish: USDM (Ethereum) grades B and WSTETH (Ethereum) grades B. A grade is a structural check on the contract, not a promise about the asset.
How have USDM and WSTETH performed over the shared window?
Between 2026-09-21 and 2026-10-17T03:15:24, the measured snapshots show USDM at −0.40% and WSTETH at −1.78%.
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, 2026-09-21→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.