Tether vs Dai — side-by-side comparison of supply, chains, backing, and peg data.
| Metric | USDT | DAI |
|---|---|---|
| USD circulation value | $183.92B | $4.80B |
| Rank (by USD value) | #1 | #4 |
| Peg | USD | USD |
| Mechanism | fiat-backed | crypto-backed |
| Backing | Cash & T-bills | Overcollateralized crypto CDP |
| Chains deployed | 130 | 49 |
| Primary chain | Tron | Ethereum |
| Issuer | Tether | Dai |
| CoinGecko | View → | View → |
Both USDT and DAI track USD, but they differ in backing and issuer. USDT is backed by cash & t-bills while DAI is backed by overcollateralized crypto cdp. As of today, USDT ranks #1 and DAI ranks #4 among tracked stablecoins.
USDT is larger, with $183.92B in circulation vs $4.80B for DAI. That's roughly 38.3× the size.
Neither USDT nor DAI is inherently "safer" — safety depends on the specific backing composition, issuer transparency, redemption rights, and regulatory oversight. USDT uses fiat-backed backing model; DAI uses crypto-backed. Users should read each issuer's most recent reserve attestation before choosing.
Yes. USDT 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.
The right choice depends on your use case. Consider: which chain do you need? USDT is available on 130 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.