DAI vs USD1
Dai 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 DAI/USD1 spread
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The original decentralised dollar. Minted against overcollateralised vaults and stability modules, with all collateral verifiable on-chain.
Verdict band: Robust
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 | 85 | 79 | DAI |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 84 | 95 | USD1 |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $1.11B | $265.51M | DAI |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 82 | 54 | DAI |
| Peg tightness (live)Absolute distance from $1.00 right now — smaller is better. | ●●●●4 of 5 | −0.009% | −0.074% | DAI |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | -7.4% | None recorded | USD1 |
| Track recordYears live and behaviour through past stress events. | ●●●●4 of 5 | 97 | 53 | DAI |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $4.77B | $4.01B | DAI |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 35 chains | 8 chains | DAI |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | 4.71% | 8.73% | USD1 |
"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
DAI scores higher on safety (85 vs 79), driven mainly by peg stability and track record. DAI has deeper tracked liquidity ($1.11B), which is what determines whether you can exit at size. USD1 currently earns up to 8.73% — 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: DAI or USD1?
Capital preservation over everything else.
For park cash safely, DAI edges out USD1 — but it is close enough that either works.
- Safety score 85 vs 79, with collateral rated 84/100.
- Current peg deviation -0.009% against -0.074% for USD1.
- DAI 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
DAI
- Collateral volatility: a fast drawdown in backing assets can force liquidations.
- Depeg history: 2 recorded event(s), worst deviation -7.40%.
- Attestation cadence: onchain.
- Yield venue risk: 4.71% is earned outside the token itself.
- Chain concentration: 86% of supply sits on Ethereum.
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: 8.73% is earned outside the token itself.
| Metric | DAI | USD1 |
|---|---|---|
| Category | Stablecoin | Stablecoin |
| Issuer | Sky (formerly MakerDAO) | World Liberty Financial |
| Jurisdiction | Decentralised / Cayman foundation | United States |
| Collateral | crypto-overcollateralized | treasuries |
| Peg mechanism | crypto-backed | fiat-backed |
| Attestation | onchain | monthly |
| Redemption | direct | gated |
| Price | $0.9999 | $0.9993 |
| Peg deviation | −0.009% | −0.074% |
| Market cap | $4.77B | $4.01B |
| 7d supply change | −0.54% | −0.41% |
| Liquidity | $1.11B | $265.51M |
| Best yield | 4.71% (flux-finance · Ethereum) | 8.73% (dolomite · Ethereum) |
| Chains | 35 | 8 |
| Launched | 2017 | 2025 |
| Worst recorded depeg | −7.4% | None recorded |
Spread, peg gap and switching cost
- Price spread (DAI vs USD1)
- +6.5 bps
- $0.9999 vs $0.9993
- Peg deviation gap
- -0.065 pp
- DAI −0.009% · USD1 −0.074%
- Yield spread
- -4.02%
- DAI 4.71% · USD1 8.73%
- Liquidity ratio
- 4.17×
- $1.11B vs $265.51M
A round trip between DAI and USD1 costs roughly the market spread plus venue fees. At 6.5 bps of price gap, swapping $1M implies about $649.99 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 DAI and USD1 have actually behaved since launch, including every stress event we have on record.
- DAI
Dai goes live.
- DAI
Single-collateral Dai launches on Ethereum.
- DAI
Black Thursday: liquidation failures leave MakerDAO with bad debt.
- DAI
Collateral mix tilts heavily toward USDC, importing centralised risk.
- DAI
USDC contagion via PSM (worst deviation -7.4%).
- USD1
World Liberty Financial USD goes live.
Chain coverage
DAI is live on 35 chains, USD1 on 8. 3 chains carry both, so bridging is only unavoidable for the 37 networks where just one of them is deployed.
| Chain | DAI | USD1 | Both available |
|---|---|---|---|
| $4.11B | $1.52B | Yes | |
| $31.07M | $1.40B | Yes | |
| $510.3K | $1.05B | Yes | |
| $519.50M | — | DAI only | |
| $35.11M | — | DAI only | |
| $18.77M | — | DAI only | |
| — | $18.51M | USD1 only | |
| — | $16.06M | USD1 only | |
| $13.69M | — | DAI only | |
| $12.61M | — | DAI only | |
| $10.65M | — | DAI only | |
| — | $10.06M | USD1 only | |
| $7.98M | — | DAI only | |
| $1.89M | — | DAI only | |
| $813.3K | — | DAI only | |
| $734.8K | — | DAI only | |
| $373.9K | — | DAI only | |
| $195.9K | — | DAI only | |
| $158.2K | — | DAI only | |
| $117.0K | — | DAI only |
DAI vs USD1: frequently asked questions
Is DAI or USD1 safer?
+
On our composite safety score DAI rates 85/100 versus 79/100 for USD1. The score weighs collateral quality (crypto-overcollateralized vs treasuries), 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 DAI and USD1?
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Dai is issued by Sky (formerly MakerDAO) (Decentralised / Cayman foundation), backed by crypto-overcollateralized, with redemption terms: direct. World Liberty Financial USD is issued by World Liberty Financial (United States), backed by treasuries, with redemption terms: gated. Attestation coverage is "onchain" for DAI and "monthly" for USD1.
Which has the bigger market cap, DAI or USD1?
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DAI is larger at $4.77B in circulating supply, against $4.01B for the other. Over the last 7 days supply moved −0.54% for DAI and −0.41% for USD1.
Are DAI and USD1 trading at $1.00 right now?
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DAI trades at $0.9999 (−0.009% off peg) and USD1 at $0.9993 (−0.074% off peg). The gap between the two is about 6.5 basis points, which is the cost you pay when rotating size between them before fees.
Has DAI or USD1 ever depegged?
+
DAI: worst recorded deviation −7.4%. 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, DAI or USD1?
+
For block size the constraint is exit liquidity and primary redemption, not headline supply. DAI shows deeper on-chain liquidity at $1.11B versus $265.51M. Combine that with the redemption channel — DAI: direct; USD1: gated — and size trades against the primary window rather than the order book where possible.
Can I earn yield on DAI or USD1?
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USD1 currently shows the higher rate at 8.73% via dolomite · Ethereum, against 4.71% via flux-finance · Ethereum for DAI. 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 DAI and USD1?
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Both are deployed on 3 shared networks, including Ethereum, BSC, Solana. DAI spans 35 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 DAI to USD1?
+
Budget three components: the current price spread of roughly 6.5 bps, swap or venue fees, and slippage against available depth ($1.11B for DAI, $265.51M for USD1). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is DAI or USD1 regulated?
+
DAI is issued from Decentralised / Cayman foundation with onchain; 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.