D vs USDT
Saga Dollar and Tether, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and D/USDT 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
The largest dollar token on-chain, backed mainly by US Treasury bills and cash equivalents. Direct redemption is available to verified institutional customers above a minimum size; everyone else exits via secondary markets.
Verdict band: Adequate
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 74 | 77 | USDT |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 55 | 78 | USDT |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $35.51B | $1.96B | D |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 48 | 54 | USDT |
| Peg tightness (live)Absolute distance from $1.00 right now — smaller is better. | ●●●●4 of 5 | −0.003% | −0.013% | D |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | None recorded | -4.8% | D |
| Track recordYears live and behaviour through past stress events. | ●●●●4 of 5 | 53 | 100 | USDT |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $10.39M | $184.03B | USDT |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 1 chains | 97 chains | USDT |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | None | 9.00% | USDT |
"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
USDT scores higher on safety (77 vs 74), driven mainly by collateral quality and disclosure. D has deeper tracked liquidity ($35.51B), which is what determines whether you can exit at size. USDT currently earns up to 9.00% — 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 USDT?
Capital preservation over everything else.
For park cash safely, USDT edges out D — but it is close enough that either works.
- Safety score 77 vs 74, with collateral rated 78/100.
- Current peg deviation -0.013% against -0.003% for D.
- USDT has 2 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.
USDT
- Issuer and banking risk: reserves sit with Tether under El Salvador / BVI rules.
- Depeg history: 2 recorded event(s), worst deviation -4.80%.
- Attestation cadence: quarterly.
- Yield venue risk: 9.00% is earned outside the token itself.
| Metric | D | USDT |
|---|---|---|
| Category | Stablecoin | Stablecoin |
| Issuer | Undisclosed | Tether |
| Jurisdiction | Not documented | El Salvador / BVI |
| Collateral | crypto-backed | fiat-reserves |
| Peg mechanism | crypto-backed | fiat-backed |
| Attestation | none | quarterly |
| Redemption | market-only | gated |
| Price | $1.0000 | $0.9999 |
| Peg deviation | −0.003% | −0.013% |
| Market cap | $10.39M | $184.03B |
| 7d supply change | 0.00% | +0.15% |
| Liquidity | $35.51B | $1.96B |
| Best yield | None | 9.00% (zerobase-cedefi · Ethereum) |
| Chains | 1 | 97 |
| Launched | — | 2014 |
| Worst recorded depeg | None recorded | −4.8% |
Spread, peg gap and switching cost
- Price spread (D vs USDT)
- +1.0 bps
- $1.0000 vs $0.9999
- Peg deviation gap
- -0.010 pp
- D −0.003% · USDT −0.013%
- Yield spread
- -9.00%
- D — · USDT 9.00%
- Liquidity ratio
- 18.13×
- $35.51B vs $1.96B
A round trip between D and USDT costs roughly the market spread plus venue fees. At 1.0 bps of price gap, swapping $1M implies about $97.88 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 USDT have actually behaved since launch, including every stress event we have on record.
- USDT
Tether goes live.
- USDT
Launched as Realcoin on Bitcoin's Omni layer, later renamed Tether.
- USDT
NYAG filings reveal reserves were not fully cash-backed at the time.
- USDT
Settles with the NY Attorney General; agrees to quarterly reserve reporting.
- USDT
Terra contagion run (worst deviation -4.8%).
- USDT
Shifts reserves decisively toward short-dated US Treasury bills.
- USDT
Banking stress (worst deviation 0.5%).
Chain coverage
D is live on 1 chains, USDT on 97. 0 chains carry both, so bridging is only unavoidable for the 98 networks where just one of them is deployed.
| Chain | D | USDT | Both available |
|---|---|---|---|
| — | $92.72B | USDT only | |
| — | $73.43B | USDT only | |
| — | $9.18B | USDT only | |
| — | $2.84B | USDT only | |
| — | $852.13M | USDT only | |
| — | $840.40M | USDT only | |
| — | $788.13M | USDT only | |
| — | $550.72M | USDT only | |
| — | $521.92M | USDT only | |
| — | $446.33M | USDT only | |
| — | $391.63M | USDT only | |
| — | $332.72M | USDT only | |
| — | $223.76M | USDT only | |
| — | $112.25M | USDT only | |
| — | $83.91M | USDT only | |
| — | $82.95M | USDT only | |
| — | $80.03M | USDT only | |
| — | $66.56M | USDT only | |
| — | $58.08M | USDT only | |
| — | $50.13M | USDT only |
D vs USDT: frequently asked questions
Is D or USDT safer?
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On our composite safety score USDT rates 77/100 versus 74/100 for D. The score weighs collateral quality (fiat-reserves 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 USDT?
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Saga Dollar is issued by Undisclosed (Not documented), backed by crypto-backed, with redemption terms: market-only. Tether is issued by Tether (El Salvador / BVI), backed by fiat-reserves, with redemption terms: gated. Attestation coverage is "none" for D and "quarterly" for USDT.
Which has the bigger market cap, D or USDT?
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USDT is larger at $184.03B in circulating supply, against $10.39M for the other. Over the last 7 days supply moved 0.00% for D and +0.15% for USDT.
Are D and USDT trading at $1.00 right now?
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D trades at $1.0000 (−0.003% off peg) and USDT at $0.9999 (−0.013% off peg). The gap between the two is about 1.0 basis points, which is the cost you pay when rotating size between them before fees.
Has D or USDT ever depegged?
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D: no material depeg recorded in our incident set. USDT: worst recorded deviation −4.8%. 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 USDT?
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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 $35.51B versus $1.96B. Combine that with the redemption channel — D: market-only; USDT: gated — and size trades against the primary window rather than the order book where possible.
Can I earn yield on D or USDT?
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USDT currently shows the higher rate at 9.00% via zerobase-cedefi · Ethereum, 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 USDT?
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They currently share no common network in our data: D is deployed on 1 chain(s) and USDT on 97. Moving between them requires a bridge or a centralised venue.
What does it cost to switch from D to USDT?
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Budget three components: the current price spread of roughly 1.0 bps, swap or venue fees, and slippage against available depth ($35.51B for D, $1.96B for USDT). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is D or USDT regulated?
+
D is issued from Not documented with none; USDT is issued from El Salvador / BVI with quarterly. 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.