ALUSD vs USD1
Alchemix USD and World Liberty Financial USD, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and ALUSD/USD1 spread
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Alchemix USD is a dollar-denominated token tracked across 4 chains. No verified issuer disclosure is on file, so its collateral and legal structure score conservatively.
Verdict band: Caution
Treasury-backed dollar token with custody at a regulated US institution. Young track record and concentrated holder base.
Verdict band: Adequate
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 52 | 79 | USD1 |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 55 | 95 | USD1 |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $13.26M | $265.49M | USD1 |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 48 | 54 | USD1 |
| Peg tightness (live)Absolute distance from $1.00 right now — smaller is better. | ●●●●4 of 5 | −5.529% | −0.075% | USD1 |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | None recorded | None recorded | Tie |
| Track recordYears live and behaviour through past stress events. | ●●●●4 of 5 | 53 | 53 | Tie |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $9.80M | $4.01B | USD1 |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 4 chains | 8 chains | USD1 |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | 11.65% | 8.74% | ALUSD |
"Matters" is our weighting of how much each dimension typically drives a real allocation decision. Sort any column to re-rank the tradeoffs by what matters to you.
The short answer
USD1 scores higher on safety (79 vs 52), driven mainly by collateral quality and disclosure. USD1 has deeper tracked liquidity ($265.49M), which is what determines whether you can exit at size. ALUSD currently earns up to 11.65% — remember that any rate above the T-bill yield is payment for a risk.
If both are fiat-reserve tokens, note that holding both is not diversification: they share the same short-dated Treasury and banking exposure. Genuine diversification means mixing collateral structures.
Which one fits your goal: ALUSD or USD1?
Capital preservation over everything else.
For park cash safely, USD1 is the better fit over ALUSD.
- Safety score 79 vs 52, with collateral rated 95/100.
- Current peg deviation -0.075% against -5.529% for ALUSD.
- No material depeg recorded for USD1 in our incident log.
Concentrating in one issuer is a single point of failure regardless of score. Split across collateral structures.
Key risks, side by side
ALUSD
- Reflexive peg design: stability depends on demand for a second token.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Limited public attestation of reserves.
- Yield venue risk: 11.65% is earned outside the token itself.
USD1
- Issuer and banking risk: reserves sit with World Liberty Financial under United States rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Attestation cadence: monthly.
- Yield venue risk: 8.74% is earned outside the token itself.
| Metric | ALUSD | USD1 |
|---|---|---|
| Category | Stablecoin | Stablecoin |
| Issuer | Undisclosed | World Liberty Financial |
| Jurisdiction | Not documented | United States |
| Collateral | algorithmic | treasuries |
| Peg mechanism | algorithmic | fiat-backed |
| Attestation | none | monthly |
| Redemption | market-only | gated |
| Price | $0.9447 | $0.9993 |
| Peg deviation | −5.529% | −0.075% |
| Market cap | $9.80M | $4.01B |
| 7d supply change | +0.65% | −0.41% |
| Liquidity | $13.26M | $265.49M |
| Best yield | 11.65% (alchemix-v3 · Ethereum) | 8.74% (dolomite · Ethereum) |
| Chains | 4 | 8 |
| Launched | — | 2025 |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (ALUSD vs USD1)
- -545.8 bps
- $0.9447 vs $0.9993
- Peg deviation gap
- 5.454 pp
- ALUSD −5.529% · USD1 −0.075%
- Yield spread
- +2.91%
- ALUSD 11.65% · USD1 8.74%
- Liquidity ratio
- 0.05×
- $13.26M vs $265.49M
A round trip between ALUSD and USD1 costs roughly the market spread plus venue fees. At 545.8 bps of price gap, swapping $1M implies about $54.6K of price impact before fees — usually only worth it if the peg gap or yield spread is durable, not intraday noise.
Historical context
Track record is the part of a stablecoin you cannot model — it has to be observed. Here is how ALUSD and USD1 have actually behaved since launch, including every stress event we have on record.
- USD1
World Liberty Financial USD goes live.
Chain coverage
ALUSD is live on 4 chains, USD1 on 8. 1 chains carry both, so bridging is only unavoidable for the 10 networks where just one of them is deployed.
| Chain | ALUSD | USD1 | Both available |
|---|---|---|---|
| $6.34M | $1.52B | Yes | |
| — | $1.40B | USD1 only | |
| — | $1.05B | USD1 only | |
| — | $18.51M | USD1 only | |
| — | $16.06M | USD1 only | |
| — | $10.06M | USD1 only | |
| $2.95M | — | ALUSD only | |
| $344.4K | — | ALUSD only | |
| $161.1K | — | ALUSD only | |
| — | $81.3K | USD1 only | |
| — | $1.2K | USD1 only |
ALUSD vs USD1: frequently asked questions
Is ALUSD or USD1 safer?
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On our composite safety score USD1 rates 79/100 versus 52/100 for ALUSD. The score weighs collateral quality (treasuries vs algorithmic), redemption rights, attestation quality, peg history and liquidity depth. A higher score is not a guarantee: both remain issuer-credit and smart-contract exposures, not insured bank deposits.
What is the difference between ALUSD and USD1?
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Alchemix USD is issued by Undisclosed (Not documented), backed by algorithmic, with redemption terms: market-only. World Liberty Financial USD is issued by World Liberty Financial (United States), backed by treasuries, with redemption terms: gated. Attestation coverage is "none" for ALUSD and "monthly" for USD1.
Which has the bigger market cap, ALUSD or USD1?
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USD1 is larger at $4.01B in circulating supply, against $9.80M for the other. Over the last 7 days supply moved +0.65% for ALUSD and −0.41% for USD1.
Are ALUSD and USD1 trading at $1.00 right now?
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ALUSD trades at $0.9447 (−5.529% off peg) and USD1 at $0.9993 (−0.075% off peg). The gap between the two is about 545.8 basis points, which is the cost you pay when rotating size between them before fees.
Has ALUSD or USD1 ever depegged?
+
ALUSD: no material depeg recorded in our incident set. USD1: no material depeg recorded in our incident set. Past peg behaviour under stress is the single best available proxy for how a token trades in the next crisis.
Which is better for large institutional size, ALUSD or USD1?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. USD1 shows deeper on-chain liquidity at $265.49M versus $13.26M. Combine that with the redemption channel — ALUSD: market-only; USD1: gated — and size trades against the primary window rather than the order book where possible.
Can I earn yield on ALUSD or USD1?
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ALUSD currently shows the higher rate at 11.65% via alchemix-v3 · Ethereum, against 8.74% via dolomite · Ethereum for USD1. Neither token pays interest by holding it in a wallet: the yield comes from lending, liquidity provision or a wrapped yield-bearing version, each with its own counterparty and contract risk.
Which chains support both ALUSD and USD1?
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Both are deployed on 1 shared network, including Ethereum. ALUSD spans 4 chains in total and USD1 spans 8. Bridged supply on a chain is not the same as natively issued supply, and it usually carries the bridge's risk rather than the issuer's.
What does it cost to switch from ALUSD to USD1?
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Budget three components: the current price spread of roughly 545.8 bps, swap or venue fees, and slippage against available depth ($13.26M for ALUSD, $265.49M for USD1). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is ALUSD or USD1 regulated?
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ALUSD is issued from Not documented with none; USD1 is issued from United States with monthly. Regulatory status varies by your own jurisdiction and by whether the token is offered under a specific stablecoin regime, so treat this as a starting point for diligence, not legal advice.