Ethena Alternatives: Similar Stablecoin Protocols Compared

Ethena carries a risk grade of C (47/100) and ranks #24 of 30 rated Stablecoin protocols. Below are 29 Stablecoin protocols ranked by safety — from safest to riskiest. 23 of these protocols score lower (safer) than Ethena, and 6 score higher (riskier).

The single safest alternative is Angle Protocol (B, 27/100 — 20 points safer than Ethena). See the Ethena vs Angle Protocol comparison to weigh the tradeoffs.

Current Protocol

Stablecoin

Risk

C

Value

B

TVL

$3.8B

Safety analysis →Investment analysis →

AlternativeRiskValueTVL

1

Angle ProtocolSafer

B

C

$2M

2

Liquity V2Safer

B-

B-

$73M

3

Reserve ProtocolSafer

B-

B-

$37M

4

Lybra FinanceSafer

B-

D+

$41,000

5

USDCSafer

B-

A

—

6

fx ProtocolSafer

B-

C-

$93M

7

B-

C+

$53M

8

MoneyOnChainSafer

B-

D

$19M

9

Frax FinanceSafer

C+

B

$43M

10

MentoSafer

C+

D+

$11M

11

Prisma FinanceSafer

C+

C+

$50M

12

USDDSafer

C+

C-

$1.3B

13

Paxos LabsSafer

C+

B

—

14

AgoraSafer

C+

B

$239M

15

Aster USDFSafer

C+

C

$115M

16

Hylo ProtocolSafer

C+

D

$15M

17

CapSafer

C

D

$248M

18

Falcon FinanceSafer

C

C+

$1.3B

19

Solstice USXSafer

C

D

$501M

20

C

C+

$53M

21

Tether (USDT)Safer

C

B

—

22

AegisSafer

C

D-

$36M

23

C

D

$381,000

24

Stables Labs USDX

C

D-

$7M

25

C-

C+

$111M

26

World Liberty Financial

C-

C+

$0

27

D+

D-

$6M

28

D+

C

$186M

29

Elixir Protocol

D

C

$13

Is Ethena safe?Is Ethena a good investment?Ethena risk profile →