MIM vs USDB
Magic Internet Money and USDB Blast, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and MIM/USDB spread
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Magic Internet Money is a dollar-denominated token tracked across 10 chains. No verified issuer disclosure is on file, so its collateral and legal structure score conservatively.
Verdict band: Caution
USDB Blast 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: Caution
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 39 | 56 | USDB |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 55 | 55 | Tie |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $0.00 | $3.02M | USDB |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 48 | 48 | Tie |
| Peg tightness (live)Absolute distance from $1.00 right now — smaller is better. | ●●●●4 of 5 | −94.494% | +0.318% | USDB |
| 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 | $1.62M | $12.01M | USDB |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 10 chains | 1 chains | MIM |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | None | None | Tie |
"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
USDB scores higher on safety (56 vs 39), driven mainly by collateral quality and disclosure. USDB has deeper tracked liquidity ($3.02M), which is what determines whether you can exit at size.
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: MIM or USDB?
Capital preservation over everything else.
For park cash safely, USDB is the better fit over MIM.
- Safety score 56 vs 39, with collateral rated 55/100.
- Current peg deviation 0.318% against -94.494% for MIM.
- No material depeg recorded for USDB 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
MIM
- 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.
USDB
- 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 Blast.
| Metric | MIM | USDB |
|---|---|---|
| Category | Stablecoin | Stablecoin |
| Issuer | Undisclosed | Undisclosed |
| Jurisdiction | Not documented | Not documented |
| Collateral | crypto-backed | crypto-backed |
| Peg mechanism | crypto-backed | crypto-backed |
| Attestation | none | none |
| Redemption | market-only | market-only |
| Price | $0.0551 | $1.0032 |
| Peg deviation | −94.494% | +0.318% |
| Market cap | $1.62M | $12.01M |
| 7d supply change | −0.29% | −0.14% |
| Liquidity | $0.00 | $3.02M |
| Best yield | None | None |
| Chains | 10 | 1 |
| Launched | — | — |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (MIM vs USDB)
- -9451.1 bps
- $0.0551 vs $1.0032
- Peg deviation gap
- 94.176 pp
- MIM −94.494% · USDB +0.318%
- Yield spread
- +0.00%
- MIM — · USDB —
- Liquidity ratio
- 0.00×
- $0.00 vs $3.02M
A round trip between MIM and USDB costs roughly the market spread plus venue fees. At 9451.1 bps of price gap, swapping $1M implies about $945.1K of price impact before fees — usually only worth it if the peg gap or yield spread is durable, not intraday noise.
Chain coverage
MIM is live on 10 chains, USDB on 1. 1 chains carry both, so bridging is only unavoidable for the 9 networks where just one of them is deployed.
| Chain | MIM | USDB | Both available |
|---|---|---|---|
| $66.8K | $12.01M | Yes | |
| $774.8K | — | MIM only | |
| $343.4K | — | MIM only | |
| $232.6K | — | MIM only | |
| $94.5K | — | MIM only | |
| $83.8K | — | MIM only | |
| $11.4K | — | MIM only | |
| $3.9K | — | MIM only | |
| $3.0K | — | MIM only | |
| $1.1K | — | MIM only |
MIM vs USDB: frequently asked questions
Is MIM or USDB safer?
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On our composite safety score USDB rates 56/100 versus 39/100 for MIM. The score weighs collateral quality (crypto-backed 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 MIM and USDB?
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Magic Internet Money is issued by Undisclosed (Not documented), backed by crypto-backed, with redemption terms: market-only. USDB Blast is issued by Undisclosed (Not documented), backed by crypto-backed, with redemption terms: market-only. Attestation coverage is "none" for MIM and "none" for USDB.
Which has the bigger market cap, MIM or USDB?
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USDB is larger at $12.01M in circulating supply, against $1.62M for the other. Over the last 7 days supply moved −0.29% for MIM and −0.14% for USDB.
Are MIM and USDB trading at $1.00 right now?
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MIM trades at $0.0551 (−94.494% off peg) and USDB at $1.0032 (+0.318% off peg). The gap between the two is about 9451.1 basis points, which is the cost you pay when rotating size between them before fees.
Has MIM or USDB ever depegged?
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MIM: no material depeg recorded in our incident set. USDB: 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, MIM or USDB?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. USDB shows deeper on-chain liquidity at $3.02M versus $0.00. Combine that with the redemption channel — MIM: market-only; USDB: market-only — and size trades against the primary window rather than the order book where possible.
Can I earn yield on MIM or USDB?
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Neither MIM nor USDB currently has a tracked yield venue in our dataset. Holding either in a wallet pays nothing; any advertised rate comes from lending or liquidity provision on top, with its own risk.
Which chains support both MIM and USDB?
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Both are deployed on 1 shared network, including Blast. MIM spans 10 chains in total and USDB spans 1. 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 MIM to USDB?
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Budget three components: the current price spread of roughly 9451.1 bps, swap or venue fees, and slippage against available depth ($0.00 for MIM, $3.02M for USDB). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is MIM or USDB regulated?
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MIM is issued from Not documented with none; USDB 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.