R vs USDT
R and Tether, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and R/USDT spread
Loading price history…
R 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: 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 | $3.93B | $1.96B | R |
| 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 | +0.012% | −0.009% | USDT |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | None recorded | -4.8% | R |
| 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 | $10.72M | $183.76B | USDT |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 2 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. R has deeper tracked liquidity ($3.93B), 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: R or USDT?
Capital preservation over everything else.
For park cash safely, USDT edges out R — but it is close enough that either works.
- Safety score 77 vs 74, with collateral rated 78/100.
- Current peg deviation -0.009% against 0.012% for R.
- 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
R
- 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: 99% of supply sits on Ethereum.
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 | R | 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 | $1.0001 | $0.9999 |
| Peg deviation | +0.012% | −0.009% |
| Market cap | $10.72M | $183.76B |
| 7d supply change | 0.00% | +0.01% |
| Liquidity | $3.93B | $1.96B |
| Best yield | None | 9.00% (zerobase-cedefi · Ethereum) |
| Chains | 2 | 97 |
| Launched | — | 2014 |
| Worst recorded depeg | None recorded | −4.8% |
Spread, peg gap and switching cost
- Price spread (R vs USDT)
- +2.1 bps
- $1.0001 vs $0.9999
- Peg deviation gap
- 0.004 pp
- R +0.012% · USDT −0.009%
- Yield spread
- -9.00%
- R — · USDT 9.00%
- Liquidity ratio
- 2.00×
- $3.93B vs $1.96B
A round trip between R and USDT costs roughly the market spread plus venue fees. At 2.1 bps of price gap, swapping $1M implies about $205.12 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 R 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
R is live on 2 chains, USDT on 97. 1 chains carry both, so bridging is only unavoidable for the 97 networks where just one of them is deployed.
| Chain | R | USDT | Both available |
|---|---|---|---|
| — | $92.44B | USDT only | |
| $10.66M | $73.44B | Yes | |
| — | $9.18B | USDT only | |
| — | $2.84B | USDT only | |
| — | $851.76M | USDT only | |
| — | $839.92M | USDT only | |
| — | $789.12M | USDT only | |
| — | $550.74M | USDT only | |
| — | $521.94M | USDT only | |
| — | $446.35M | USDT only | |
| — | $391.64M | USDT only | |
| — | $332.06M | USDT only | |
| — | $223.78M | USDT only | |
| — | $112.23M | USDT only | |
| — | $83.92M | USDT only | |
| — | $82.95M | USDT only | |
| — | $80.04M | USDT only | |
| — | $66.57M | USDT only | |
| — | $58.08M | USDT only | |
| — | $50.14M | USDT only |
R vs USDT: frequently asked questions
Is R or USDT safer?
+
On our composite safety score USDT rates 77/100 versus 74/100 for R. 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 R and USDT?
+
R 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 R and "quarterly" for USDT.
Which has the bigger market cap, R or USDT?
+
USDT is larger at $183.76B in circulating supply, against $10.72M for the other. Over the last 7 days supply moved 0.00% for R and +0.01% for USDT.
Are R and USDT trading at $1.00 right now?
+
R trades at $1.0001 (+0.012% off peg) and USDT at $0.9999 (−0.009% off peg). The gap between the two is about 2.1 basis points, which is the cost you pay when rotating size between them before fees.
Has R or USDT ever depegged?
+
R: 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, R or USDT?
+
For block size the constraint is exit liquidity and primary redemption, not headline supply. R shows deeper on-chain liquidity at $3.93B versus $1.96B. Combine that with the redemption channel — R: market-only; USDT: gated — and size trades against the primary window rather than the order book where possible.
Can I earn yield on R or USDT?
+
USDT currently shows the higher rate at 9.00% via zerobase-cedefi · Ethereum, against no tracked rate for R. 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 R and USDT?
+
Both are deployed on 1 shared network, including Ethereum. R spans 2 chains in total and USDT spans 97. 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 R to USDT?
+
Budget three components: the current price spread of roughly 2.1 bps, swap or venue fees, and slippage against available depth ($3.93B for R, $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 R or USDT regulated?
+
R 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.