USD1 vs USDC
World Liberty Financial USD and USD Coin, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and USD1/USDC spread
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Treasury-backed dollar token with custody at a regulated US institution. Young track record and concentrated holder base.
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 | 79 | 88 | USDC |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 95 | 95 | Tie |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $283.79M | $4.31B | USDC |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 54 | 100 | USDC |
| Peg tightness (live)Absolute distance from $1.00 right now — smaller is better. | ●●●●4 of 5 | −0.054% | −0.005% | USDC |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | None recorded | -12.0% | USD1 |
| 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 | $4.44B | $74.21B | USDC |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 8 chains | 117 chains | USDC |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | 8.00% | 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 79), driven mainly by collateral quality and disclosure. USDC has deeper tracked liquidity ($4.31B), 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: USD1 or USDC?
Capital preservation over everything else.
For park cash safely, USD1 edges out USDC — but it is close enough that either works.
- Safety score 79 vs 88, with collateral rated 95/100.
- Current peg deviation -0.054% against -0.005% for USDC.
- No material depeg recorded for USD1 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
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: 8.00% is earned outside the token itself.
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 | USD1 | USDC |
|---|---|---|
| Category | Stablecoin | Stablecoin |
| Issuer | World Liberty Financial | Circle |
| Jurisdiction | United States | United States (NYDFS / MiCA) |
| Collateral | treasuries | treasuries |
| Peg mechanism | fiat-backed | fiat-backed |
| Attestation | monthly | monthly |
| Redemption | gated | direct |
| Price | $0.9995 | $1.0000 |
| Peg deviation | −0.054% | −0.005% |
| Market cap | $4.44B | $74.21B |
| 7d supply change | +0.89% | −2.92% |
| Liquidity | $283.79M | $4.31B |
| Best yield | 8.00% (bitway-earn · BSC) | 79.44% (neutral-trade · Solana) |
| Chains | 8 | 117 |
| Launched | 2025 | 2018 |
| Worst recorded depeg | None recorded | −12.0% |
Spread, peg gap and switching cost
- Price spread (USD1 vs USDC)
- -5.0 bps
- $0.9995 vs $1.0000
- Peg deviation gap
- 0.050 pp
- USD1 −0.054% · USDC −0.005%
- Yield spread
- -71.44%
- USD1 8.00% · USDC 79.44%
- Liquidity ratio
- 0.07×
- $283.79M vs $4.31B
A round trip between USD1 and USDC costs roughly the market spread plus venue fees. At 5.0 bps of price gap, swapping $1M implies about $496.31 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 USD1 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.
- USD1
World Liberty Financial USD goes live.
Chain coverage
USD1 is live on 8 chains, USDC on 117. 7 chains carry both, so bridging is only unavoidable for the 111 networks where just one of them is deployed.
| Chain | USD1 | USDC | Both available |
|---|---|---|---|
| $1.60B | $45.42B | Yes | |
| $1.40B | $7.55B | Yes | |
| — | $7.31B | USDC only | |
| — | $4.36B | USDC only | |
| $1.39B | $1.59B | Yes | |
| — | $2.36B | USDC only | |
| — | $1.63B | USDC only | |
| — | $513.93M | USDC only | |
| — | $453.42M | USDC only | |
| $20.01M | $365.46M | Yes | |
| — | $353.06M | USDC only | |
| — | $306.17M | USDC only | |
| $35.3K | $228.44M | Yes | |
| — | $181.40M | USDC only | |
| — | $172.78M | USDC only | |
| — | $151.51M | USDC only | |
| — | $145.70M | USDC only | |
| — | $138.21M | USDC only | |
| — | $92.76M | USDC only | |
| — | $87.48M | USDC only |
USD1 vs USDC: frequently asked questions
Is USD1 or USDC safer?
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On our composite safety score USDC rates 88/100 versus 79/100 for USD1. 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 USD1 and USDC?
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World Liberty Financial USD is issued by World Liberty Financial (United States), 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 USD1 and "monthly" for USDC.
Which has the bigger market cap, USD1 or USDC?
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USDC is larger at $74.21B in circulating supply, against $4.44B for the other. Over the last 7 days supply moved +0.89% for USD1 and −2.92% for USDC.
Are USD1 and USDC trading at $1.00 right now?
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USD1 trades at $0.9995 (−0.054% off peg) and USDC at $1.0000 (−0.005% off peg). The gap between the two is about 5.0 basis points, which is the cost you pay when rotating size between them before fees.
Has USD1 or USDC ever depegged?
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USD1: 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, USD1 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 $4.31B versus $283.79M. Combine that with the redemption channel — USD1: gated; USDC: direct — and size trades against the primary window rather than the order book where possible.
Can I earn yield on USD1 or USDC?
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USDC currently shows the higher rate at 79.44% via neutral-trade · Solana, against 8.00% via bitway-earn · BSC for USD1. 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 USD1 and USDC?
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Both are deployed on 7 shared networks, including Ethereum, Solana, BSC, Aptos, Tron, Monad. USD1 spans 8 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 USD1 to USDC?
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Budget three components: the current price spread of roughly 5.0 bps, swap or venue fees, and slippage against available depth ($283.79M for USD1, $4.31B for USDC). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is USD1 or USDC regulated?
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USD1 is issued from United States 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.