Ethena Alternatives: Similar Stablecoin Protocols Compared

Ethena carries a risk grade of C (49/100) and ranks #23 of 29 rated Stablecoin protocols. Below are 28 Stablecoin protocols ranked by safety — from safest to riskiest. 22 of these protocols score lower (safer) than Ethena, and 6 score higher (riskier).

The single safest alternative is Angle Protocol (B-, 28/100 — 21 points safer than Ethena). See the Ethena vs Angle Protocol comparison to weigh the tradeoffs.

Current Protocol

Stablecoin

Risk

C

Value

B

TVL

$4.0B

Safety analysis →Investment analysis →

AlternativeRiskValueTVL

1

Angle ProtocolSafer

B-

C

$4M

2

USDCSafer

B-

A

—

3

Lybra FinanceSafer

B-

D+

$50,000

4

Reserve ProtocolSafer

B-

B-

$113M

5

B-

C

$2M

6

Liquity V2Safer

B-

B-

$110M

7

Frax FinanceSafer

C+

B

$74M

8

C+

C+

$58M

9

MoneyOnChainSafer

C+

D

$44M

10

fx ProtocolSafer

C+

C-

$65M

11

Hylo ProtocolSafer

C+

D

$22M

12

MentoSafer

C+

D+

$18M

13

Prisma FinanceSafer

C+

C+

$50M

14

Aster USDFSafer

C+

C

$121M

15

Tether (USDT)Safer

C+

B

—

16

Falcon FinanceSafer

C+

C+

$1.6B

17

Solstice USXSafer

C+

D

$378M

18

USDDSafer

C+

D

$1.3B

19

CapSafer

C

D

$314M

20

C

C

$103M

21

AgoraSafer

C

B

$162M

22

AegisSafer

C

D-

$36M

23

Stables Labs USDX

C

D-

$7M

24

C-

C+

$111M

25

World Liberty Financial

C-

C+

$4.2B

26

D+

D-

$58M

27

D+

C

$186M

28

Elixir Protocol

D+

C

$16

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