USDevsDAI
Ethena USDe vs Dai — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDe — Ethena USDe
DAI — Dai
30-day peg stability dotted line = target · both charts share one scale
What the last 30 days show
Over the last 30 days USDe supply moved +13.9% and DAI -0.2% — USDe grew faster. DAI held the tighter band: worst deviation 2 bps against 9 bps.
Key differences
- USDe and DAI are similar in size — within 10% of each other by USD-equivalent value.
- USDe ranks #4 while DAI ranks #5 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 | USDe | DAI |
|---|---|---|
| USD circulation value | $4.97B | $4.80B |
| Rank (by USD value) | #4 | #5 |
| Peg | USD | USD |
| Mechanism | crypto-backed | crypto-backed |
| Backing | Delta-neutral (ETH/BTC perpetual futures) | Overcollateralized crypto CDP |
| Chains deployed | 31 | 49 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Ethena Labs | Sky |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDe and DAI?
Both track USD, so they compete for the same use cases. DAI holds overcollateralized crypto cdp. We track no published reserve breakdown for USDe. USDe ranks #4 by USD value and DAI ranks #5.
Which is bigger, USDe or DAI?
USDe is larger, with $4.97B in circulation vs $4.80B for DAI. That's roughly 1.0× the size.
Is USDe safer than DAI?
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 USDe and DAI?
Yes. USDe and DAI 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 USDe or DAI?
The right choice depends on your use case. Consider: which chain do you need? USDe is available on 31 chains and DAI on 49. 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.