D vs USDC
Saga Dollar and USD Coin, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and D/USDC spread
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Saga Dollar is a dollar-denominated token tracked across 1 chains. No verified issuer disclosure is on file, so its collateral and legal structure score conservatively.
Verdict band: Adequate
Fully reserved dollar token issued by Circle, a US-regulated and MiCA-compliant issuer. Reserves sit in the Circle Reserve Fund (short-dated Treasuries and repo) with monthly attestations and daily reporting.
Verdict band: Robust
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 73 | 91 | USDC |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 55 | 95 | USDC |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $35.92B | $9.30B | D |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 48 | 100 | USDC |
| Peg tightness (live)Absolute distance from $1.00 right now — smaller is better. | ●●●●4 of 5 | −0.025% | −0.025% | Tie |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | None recorded | -12.0% | D |
| Track recordYears live and behaviour through past stress events. | ●●●●4 of 5 | 53 | 99 | USDC |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $10.39M | $71.97B | USDC |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 1 chains | 123 chains | USDC |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | None | 21.63% | USDC |
"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
USDC scores higher on safety (91 vs 73), driven mainly by collateral quality and disclosure. D has deeper tracked liquidity ($35.92B), which is what determines whether you can exit at size. USDC currently earns up to 21.63% — 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: D or USDC?
Capital preservation over everything else.
For park cash safely, USDC is the better fit over D.
- Safety score 91 vs 73, with collateral rated 95/100.
- Current peg deviation -0.025% against -0.025% for D.
- USDC has 1 recorded depeg event(s) — read them before sizing up.
Concentrating in one issuer is a single point of failure regardless of score. Split across collateral structures.
Key risks, side by side
D
- Collateral volatility: a fast drawdown in backing assets can force liquidations.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Limited public attestation of reserves.
- Chain concentration: 100% of supply sits on Saga.
USDC
- Issuer and banking risk: reserves sit with Circle under United States (NYDFS / MiCA) rules.
- Depeg history: 1 recorded event(s), worst deviation -12.00%.
- Attestation cadence: monthly.
- Yield venue risk: 21.63% is earned outside the token itself.
| Metric | D | USDC |
|---|---|---|
| Category | Stablecoin | Stablecoin |
| Issuer | Undisclosed | Circle |
| Jurisdiction | Not documented | United States (NYDFS / MiCA) |
| Collateral | crypto-backed | treasuries |
| Peg mechanism | crypto-backed | fiat-backed |
| Attestation | none | monthly |
| Redemption | market-only | direct |
| Price | $0.9998 | $0.9998 |
| Peg deviation | −0.025% | −0.025% |
| Market cap | $10.39M | $71.97B |
| 7d supply change | 0.00% | −0.50% |
| Liquidity | $35.92B | $9.30B |
| Best yield | None | 21.63% (neutral-trade · Solana) |
| Chains | 1 | 123 |
| Launched | — | 2018 |
| Worst recorded depeg | None recorded | −12.0% |
Spread, peg gap and switching cost
- Price spread (D vs USDC)
- +0.0 bps
- $0.9998 vs $0.9998
- Peg deviation gap
- 0.000 pp
- D −0.025% · USDC −0.025%
- Yield spread
- -21.63%
- D — · USDC 21.63%
- Liquidity ratio
- 3.86×
- $35.92B vs $9.30B
A round trip between D and USDC costs roughly the market spread plus venue fees. At 0.0 bps of price gap, swapping $1M implies about $0.00 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 D and USDC have actually behaved since launch, including every stress event we have on record.
- USDC
USD Coin goes live.
- USDC
Launched by Circle and Coinbase under the Centre consortium.
- USDC
Freezes Tornado Cash addresses after OFAC sanctions — censorship precedent.
- USDC
Silicon Valley Bank failure strands $3.3B of reserves; USDC trades to ~$0.87.
- USDC
Circle becomes the first major issuer compliant with the EU's MiCA regime.
Chain coverage
D is live on 1 chains, USDC on 123. 0 chains carry both, so bridging is only unavoidable for the 124 networks where just one of them is deployed.
| Chain | D | USDC | Both available |
|---|---|---|---|
| — | $46.24B | USDC only | |
| — | $6.77B | USDC only | |
| — | $6.04B | USDC only | |
| — | $4.23B | USDC only | |
| — | $2.22B | USDC only | |
| — | $1.63B | USDC only | |
| — | $1.58B | USDC only | |
| — | $452.62M | USDC only | |
| — | $334.23M | USDC only | |
| — | $297.48M | USDC only | |
| — | $258.67M | USDC only | |
| — | $220.75M | USDC only | |
| — | $185.17M | USDC only | |
| — | $181.36M | USDC only | |
| — | $179.40M | USDC only | |
| — | $153.30M | USDC only | |
| — | $112.33M | USDC only | |
| — | $99.17M | USDC only | |
| — | $77.86M | USDC only | |
| — | $50.41M | USDC only |
D vs USDC: frequently asked questions
Is D or USDC safer?
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On our composite safety score USDC rates 91/100 versus 73/100 for D. The score weighs collateral quality (treasuries vs crypto-backed), 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 D and USDC?
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Saga Dollar is issued by Undisclosed (Not documented), backed by crypto-backed, with redemption terms: market-only. USD Coin is issued by Circle (United States (NYDFS / MiCA)), backed by treasuries, with redemption terms: direct. Attestation coverage is "none" for D and "monthly" for USDC.
Which has the bigger market cap, D or USDC?
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USDC is larger at $71.97B in circulating supply, against $10.39M for the other. Over the last 7 days supply moved 0.00% for D and −0.50% for USDC.
Are D and USDC trading at $1.00 right now?
+
D trades at $0.9998 (−0.025% off peg) and USDC at $0.9998 (−0.025% off peg). The gap between the two is about 0.0 basis points, which is the cost you pay when rotating size between them before fees.
Has D or USDC ever depegged?
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D: no material depeg recorded in our incident set. USDC: worst recorded deviation −12.0%. 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, D or USDC?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. D shows deeper on-chain liquidity at $35.92B versus $9.30B. Combine that with the redemption channel — D: market-only; USDC: direct — and size trades against the primary window rather than the order book where possible.
Can I earn yield on D or USDC?
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USDC currently shows the higher rate at 21.63% via neutral-trade · Solana, against no tracked rate for D. 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 D and USDC?
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They currently share no common network in our data: D is deployed on 1 chain(s) and USDC on 123. Moving between them requires a bridge or a centralised venue.
What does it cost to switch from D to USDC?
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Budget three components: the current price spread of roughly 0.0 bps, swap or venue fees, and slippage against available depth ($35.92B for D, $9.30B for USDC). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is D or USDC regulated?
+
D is issued from Not documented with none; USDC is issued from United States (NYDFS / MiCA) 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.