DAIvsUSDY
Dai vs Ondo US Dollar Yield — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
DAI — Dai
USDY — Ondo US Dollar Yield
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 +0.2% and USDY +2.8% — USDY grew faster. DAI held the tighter band: worst deviation 2 bps against 1462 bps.
Key differences
- DAI is roughly 2.2× larger than USDY by USD circulation value ($4.79B vs $2.21B).
- DAI ranks #4 while USDY ranks #12 among all tracked stablecoins.
- Both are pegged to the same currency (USD), so they compete directly for the same use cases.
- DAI is a crypto-backed stablecoin; USDY is fiat-backed. Different mechanism, different failure modes.
- Reserves differ — DAI holds overcollateralized crypto cdp, USDY holds tokenized us treasuries (ondo).
- DAI is deployed on 49 chains — much broader coverage than USDY's 16.
Full comparison table
| Metric | DAI | USDY |
|---|---|---|
| USD circulation value | $4.79B | $2.21B |
| Rank (by USD value) | #4 | #12 |
| Peg | USD | USD |
| Mechanism | crypto-backed | fiat-backed |
| Backing | Overcollateralized crypto CDP | Tokenized US Treasuries (Ondo) |
| Chains deployed | 49 | 16 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Sky (formerly MakerDAO) | Ondo Finance |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between DAI and USDY?
Both track USD, so they compete for the same use cases. DAI holds overcollateralized crypto cdp; USDY holds tokenized us treasuries (ondo). DAI ranks #4 by USD value and USDY ranks #12.
Which is bigger, DAI or USDY?
DAI is larger, with $4.79B in circulation vs $2.21B for USDY. That's roughly 2.2× the size.
Is DAI safer than USDY?
Neither is inherently safer. Safety turns on reserve composition, issuer transparency, redemption rights and regulatory oversight — none of which this page audits. DAI uses a crypto-backed model; USDY uses a fiat-backed one. Read each issuer's most recent reserve attestation before choosing.
Can I convert between DAI and USDY?
Yes. DAI and USDY 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 USDY?
The right choice depends on your use case. Consider: which chain do you need? DAI is available on 49 chains and USDY on 16. 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.