PLUME VAULTS vs USDC
Plume Vaults and USD Coin, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and PLUME VAULTS/USDC spread
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Plume Vaults issues dollar-denominated tokenized real-world assets across 5 chains. Value shown is on-chain assets under management.
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: Strong
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 63 | 88 | 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 | $0.00 | $4.25B | USDC |
| 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 | 0.000% | −0.007% | PLUME VAULTS |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | None recorded | -12.0% | PLUME VAULTS |
| 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 | $232.10M | $74.20B | USDC |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 5 chains | 117 chains | USDC |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | None | 79.44% | 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 (88 vs 63), driven mainly by collateral quality and disclosure. USDC has deeper tracked liquidity ($4.25B), which is what determines whether you can exit at size. USDC currently earns up to 79.44% — 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: PLUME VAULTS or USDC?
Capital preservation over everything else.
For park cash safely, USDC is the better fit over PLUME VAULTS.
- Safety score 88 vs 63, with collateral rated 95/100.
- Current peg deviation -0.007% against 0.000% for PLUME VAULTS.
- 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
PLUME VAULTS
- Issuer and banking risk: reserves sit with Plume Vaults under Not documented rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Attestation cadence: monthly.
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: 79.44% is earned outside the token itself.
| Metric | PLUME VAULTS | USDC |
|---|---|---|
| Category | Tokenized Treasury | Stablecoin |
| Issuer | Plume Vaults | Circle |
| Jurisdiction | Not documented | United States (NYDFS / MiCA) |
| Collateral | treasuries | treasuries |
| Peg mechanism | asset-backed | fiat-backed |
| Attestation | monthly | monthly |
| Redemption | gated | direct |
| Price | $1.0000 | $0.9999 |
| Peg deviation | 0.000% | −0.007% |
| Market cap | $232.10M | $74.20B |
| 7d supply change | +5.53% | −1.69% |
| Liquidity | $0.00 | $4.25B |
| Best yield | None | 79.44% (neutral-trade · Solana) |
| Chains | 5 | 117 |
| Launched | — | 2018 |
| Worst recorded depeg | None recorded | −12.0% |
Spread, peg gap and switching cost
- Price spread (PLUME VAULTS vs USDC)
- +0.7 bps
- $1.0000 vs $0.9999
- Peg deviation gap
- -0.007 pp
- PLUME VAULTS 0.000% · USDC −0.007%
- Yield spread
- -79.44%
- PLUME VAULTS — · USDC 79.44%
- Liquidity ratio
- 0.00×
- $0.00 vs $4.25B
A round trip between PLUME VAULTS and USDC costs roughly the market spread plus venue fees. At 0.7 bps of price gap, swapping $1M implies about $68.06 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 PLUME VAULTS 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
PLUME VAULTS is live on 5 chains, USDC on 117. 4 chains carry both, so bridging is only unavoidable for the 114 networks where just one of them is deployed.
| Chain | PLUME VAULTS | USDC | Both available |
|---|---|---|---|
| $80.79M | $45.49B | Yes | |
| $32.38M | $7.48B | Yes | |
| — | $7.31B | USDC only | |
| — | $4.36B | USDC only | |
| — | $2.36B | USDC only | |
| — | $1.63B | USDC only | |
| — | $1.59B | USDC only | |
| — | $519.94M | USDC only | |
| $5.29M | $454.67M | Yes | |
| — | $359.99M | USDC only | |
| — | $346.19M | USDC only | |
| — | $306.17M | USDC only | |
| — | $226.99M | USDC only | |
| — | $181.40M | USDC only | |
| — | $170.77M | USDC only | |
| — | $150.64M | USDC only | |
| — | $145.73M | USDC only | |
| — | $138.20M | USDC only | |
| — | $92.76M | USDC only | |
| $81.29M | $6.65M | Yes |
PLUME VAULTS vs USDC: frequently asked questions
Is PLUME VAULTS or USDC safer?
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On our composite safety score USDC rates 88/100 versus 63/100 for PLUME VAULTS. The score weighs collateral quality (treasuries 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 PLUME VAULTS and USDC?
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Plume Vaults is issued by Plume Vaults (Not documented), backed by treasuries, with redemption terms: gated. USD Coin is issued by Circle (United States (NYDFS / MiCA)), backed by treasuries, with redemption terms: direct. Attestation coverage is "monthly" for PLUME VAULTS and "monthly" for USDC.
Which has the bigger market cap, PLUME VAULTS or USDC?
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USDC is larger at $74.20B in circulating supply, against $232.10M for the other. Over the last 7 days supply moved +5.53% for PLUME VAULTS and −1.69% for USDC.
Are PLUME VAULTS and USDC trading at $1.00 right now?
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PLUME VAULTS trades at $1.0000 (0.000% off peg) and USDC at $0.9999 (−0.007% off peg). The gap between the two is about 0.7 basis points, which is the cost you pay when rotating size between them before fees.
Has PLUME VAULTS or USDC ever depegged?
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PLUME VAULTS: 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, PLUME VAULTS or USDC?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. USDC shows deeper on-chain liquidity at $4.25B versus $0.00. Combine that with the redemption channel — PLUME VAULTS: gated; USDC: direct — and size trades against the primary window rather than the order book where possible.
Can I earn yield on PLUME VAULTS or USDC?
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USDC currently shows the higher rate at 79.44% via neutral-trade · Solana, against no tracked rate for PLUME VAULTS. 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 PLUME VAULTS and USDC?
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Both are deployed on 4 shared networks, including Plume Mainnet, Ethereum, Solana, Avalanche. PLUME VAULTS spans 5 chains in total and USDC spans 117. 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 PLUME VAULTS to USDC?
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Budget three components: the current price spread of roughly 0.7 bps, swap or venue fees, and slippage against available depth ($0.00 for PLUME VAULTS, $4.25B for USDC). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is PLUME VAULTS or USDC regulated?
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PLUME VAULTS is issued from Not documented with monthly; 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.