DAIvsUSDe
Dai vs Ethena USDe — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
DAI — Dai
USDe — Ethena USDe
30-day peg stability dotted line = target · both charts share one scale
What the last 30 days show
Over the last 30 days DAI supply moved -1.6% and USDe -7.4% — DAI grew faster. Both held within about 6 bps of target across the same window.
Key differences
- DAI is roughly 1.2× larger than USDe by USD circulation value ($4.79B vs $3.92B).
- DAI ranks #4 while USDe ranks #6 among all tracked stablecoins.
- Both are pegged to the same currency (USD), so they compete directly for the same use cases.
- Both are crypto-backed stablecoins, so the mechanism is not what separates them.
- DAI reports overcollateralized crypto cdp in reserve. We do not track a published reserve breakdown for USDe.
- DAI is deployed on 49 chains — much broader coverage than USDe's 31.
Full comparison table
| Metric | DAI | USDe |
|---|---|---|
| USD circulation value | $4.79B | $3.92B |
| Rank (by USD value) | #4 | #6 |
| Peg | USD | USD |
| Mechanism | crypto-backed | crypto-backed |
| Backing | Overcollateralized crypto CDP | Delta-neutral (ETH/BTC perpetual futures) |
| Chains deployed | 49 | 31 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Sky (formerly MakerDAO) | Ethena Labs |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between DAI and USDe?
Both track USD, so they compete for the same use cases. DAI holds overcollateralized crypto cdp. We track no published reserve breakdown for USDe. DAI ranks #4 by USD value and USDe ranks #6.
Which is bigger, DAI or USDe?
DAI is larger, with $4.79B in circulation vs $3.92B for USDe. That's roughly 1.2× the size.
Is DAI safer than USDe?
Neither is inherently safer. Safety turns on reserve composition, issuer transparency, redemption rights and regulatory oversight — none of which this page audits. Both use a crypto-backed model, so the difference sits in the issuer and the reserves rather than the design. Read each issuer's most recent reserve attestation before choosing.
Can I convert between DAI and USDe?
Yes. DAI and USDe both trade on major centralized and decentralized exchanges. Since both track USD, the exchange rate is typically very close to 1:1. Direct swap protocols on Ethereum, Solana, and other chains offer the tightest spreads.
Should I choose DAI or USDe?
The right choice depends on your use case. Consider: which chain do you need? DAI is available on 49 chains and USDe on 31. What backing do you prefer? What's your integration surface (exchanges, DeFi protocols, payment providers)? Both have deep liquidity, so market cap alone shouldn't decide it.