DAI vs USD3
Dai and Web 3 Dollar, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and DAI/USD3 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
Web 3 Dollar is a dollar-denominated token tracked across 2 chains. No verified issuer disclosure is on file, so its collateral and legal structure score conservatively.
Verdict band: Caution
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 85 | 55 | DAI |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 84 | 55 | DAI |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $1.11B | $115.42M | DAI |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 82 | 48 | DAI |
| Peg tightness (live)Absolute distance from $1.00 right now — smaller is better. | ●●●●4 of 5 | −0.011% | +10.655% | DAI |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | -7.4% | None recorded | USD3 |
| 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 | $1.77M | DAI |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 35 chains | 2 chains | DAI |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | 4.71% | 14.19% | USD3 |
"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 55), driven mainly by collateral quality and disclosure. DAI has deeper tracked liquidity ($1.11B), which is what determines whether you can exit at size. USD3 currently earns up to 14.19% — 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 USD3?
Capital preservation over everything else.
For park cash safely, DAI is the better fit over USD3.
- Safety score 85 vs 55, with collateral rated 84/100.
- Current peg deviation -0.011% against 10.655% for USD3.
- 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.
USD3
- 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.
- Yield venue risk: 14.19% is earned outside the token itself.
- Chain concentration: 99% of supply sits on Ethereum.
| Metric | DAI | USD3 |
|---|---|---|
| Category | Stablecoin | Stablecoin |
| Issuer | Sky (formerly MakerDAO) | Undisclosed |
| Jurisdiction | Decentralised / Cayman foundation | Not documented |
| Collateral | crypto-overcollateralized | crypto-backed |
| Peg mechanism | crypto-backed | crypto-backed |
| Attestation | onchain | none |
| Redemption | direct | market-only |
| Price | $0.9999 | $1.1066 |
| Peg deviation | −0.011% | +10.655% |
| Market cap | $4.77B | $1.77M |
| 7d supply change | −0.47% | −35.34% |
| Liquidity | $1.11B | $115.42M |
| Best yield | 4.71% (flux-finance · Ethereum) | 14.19% (reserve-protocol · Ethereum) |
| Chains | 35 | 2 |
| Launched | 2017 | — |
| Worst recorded depeg | −7.4% | None recorded |
Spread, peg gap and switching cost
- Price spread (DAI vs USD3)
- -963.9 bps
- $0.9999 vs $1.1066
- Peg deviation gap
- -10.645 pp
- DAI −0.011% · USD3 +10.655%
- Yield spread
- -9.48%
- DAI 4.71% · USD3 14.19%
- Liquidity ratio
- 9.59×
- $1.11B vs $115.42M
A round trip between DAI and USD3 costs roughly the market spread plus venue fees. At 963.9 bps of price gap, swapping $1M implies about $96.4K 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 USD3 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%).
Chain coverage
DAI is live on 35 chains, USD3 on 2. 1 chains carry both, so bridging is only unavoidable for the 35 networks where just one of them is deployed.
| Chain | DAI | USD3 | Both available |
|---|---|---|---|
| $4.11B | $1.76M | Yes | |
| $519.49M | — | DAI only | |
| $35.11M | — | DAI only | |
| $31.07M | — | DAI only | |
| $18.77M | — | DAI only | |
| $13.69M | — | DAI only | |
| $12.61M | — | DAI only | |
| $10.65M | — | DAI only | |
| $7.98M | — | DAI only | |
| $1.89M | — | DAI only | |
| $813.3K | — | DAI only | |
| $734.8K | — | DAI only | |
| $510.3K | — | DAI only | |
| $373.9K | — | DAI only | |
| $195.9K | — | DAI only | |
| $158.2K | — | DAI only | |
| $117.0K | — | DAI only | |
| $103.8K | — | DAI only | |
| $91.4K | — | DAI only | |
| $79.9K | — | DAI only |
DAI vs USD3: frequently asked questions
Is DAI or USD3 safer?
+
On our composite safety score DAI rates 85/100 versus 55/100 for USD3. The score weighs collateral quality (crypto-overcollateralized 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 DAI and USD3?
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Dai is issued by Sky (formerly MakerDAO) (Decentralised / Cayman foundation), backed by crypto-overcollateralized, with redemption terms: direct. Web 3 Dollar is issued by Undisclosed (Not documented), backed by crypto-backed, with redemption terms: market-only. Attestation coverage is "onchain" for DAI and "none" for USD3.
Which has the bigger market cap, DAI or USD3?
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DAI is larger at $4.77B in circulating supply, against $1.77M for the other. Over the last 7 days supply moved −0.47% for DAI and −35.34% for USD3.
Are DAI and USD3 trading at $1.00 right now?
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DAI trades at $0.9999 (−0.011% off peg) and USD3 at $1.1066 (+10.655% off peg). The gap between the two is about 963.9 basis points, which is the cost you pay when rotating size between them before fees.
Has DAI or USD3 ever depegged?
+
DAI: worst recorded deviation −7.4%. USD3: 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 USD3?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. DAI shows deeper on-chain liquidity at $1.11B versus $115.42M. Combine that with the redemption channel — DAI: direct; USD3: market-only — and size trades against the primary window rather than the order book where possible.
Can I earn yield on DAI or USD3?
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USD3 currently shows the higher rate at 14.19% via reserve-protocol · 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 USD3?
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Both are deployed on 1 shared network, including Ethereum. DAI spans 35 chains in total and USD3 spans 2. 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 USD3?
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Budget three components: the current price spread of roughly 963.9 bps, swap or venue fees, and slippage against available depth ($1.11B for DAI, $115.42M for USD3). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is DAI or USD3 regulated?
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DAI is issued from Decentralised / Cayman foundation with onchain; USD3 is issued from Not documented with none. 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.