Tether vs BlackRock USD — side-by-side comparison of supply, chains, backing, and peg data.
| Metric | USDT | BUIDL |
|---|---|---|
| USD circulation value | $183.92B | $2.64B |
| Rank (by USD value) | #1 | #10 |
| Peg | USD | USD |
| Mechanism | fiat-backed | fiat-backed |
| Backing | Cash & T-bills | Tokenized US Treasuries (BlackRock) |
| Chains deployed | 130 | 8 |
| Primary chain | Tron | Ethereum |
| Issuer | Tether | BlackRock USD |
| CoinGecko | View → | View → |
Both USDT and BUIDL track USD, but they differ in backing and issuer. USDT is backed by cash & t-bills while BUIDL is backed by tokenized us treasuries (blackrock). As of today, USDT ranks #1 and BUIDL ranks #10 among tracked stablecoins.
USDT is larger, with $183.92B in circulation vs $2.64B for BUIDL. That's roughly 69.8× the size.
Neither USDT nor BUIDL is inherently "safer" — safety depends on the specific backing composition, issuer transparency, redemption rights, and regulatory oversight. USDT uses fiat-backed backing model; BUIDL uses fiat-backed. Users should read each issuer's most recent reserve attestation before choosing.
Yes. USDT and BUIDL 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.
The right choice depends on your use case. Consider: which chain do you need? USDT is available on 130 chains and BUIDL on 8. 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.