USD3 vs USDC
Web 3 Dollar and USD Coin, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and USD3/USDC spread
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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
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: Robust
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 55 | 91 | 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 | $115.39M | $9.30B | 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 | +10.656% | −0.029% | USDC |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | None recorded | -12.0% | USD3 |
| 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 | $1.77M | $71.95B | USDC |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 2 chains | 123 chains | USDC |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | 14.19% | 21.63% | 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 (91 vs 55), driven mainly by collateral quality and disclosure. USDC has deeper tracked liquidity ($9.30B), which is what determines whether you can exit at size. USDC currently earns up to 21.63% — 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: USD3 or USDC?
Capital preservation over everything else.
For park cash safely, USDC is the better fit over USD3.
- Safety score 91 vs 55, with collateral rated 95/100.
- Current peg deviation -0.029% against 10.656% for USD3.
- 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
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.
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: 21.63% is earned outside the token itself.
| Metric | USD3 | USDC |
|---|---|---|
| Category | Stablecoin | Stablecoin |
| Issuer | Undisclosed | Circle |
| Jurisdiction | Not documented | United States (NYDFS / MiCA) |
| Collateral | crypto-backed | treasuries |
| Peg mechanism | crypto-backed | fiat-backed |
| Attestation | none | monthly |
| Redemption | market-only | direct |
| Price | $1.1066 | $0.9997 |
| Peg deviation | +10.656% | −0.029% |
| Market cap | $1.77M | $71.95B |
| 7d supply change | −35.34% | −0.51% |
| Liquidity | $115.39M | $9.30B |
| Best yield | 14.19% (reserve-protocol · Ethereum) | 21.63% (neutral-trade · Solana) |
| Chains | 2 | 123 |
| Launched | — | 2018 |
| Worst recorded depeg | None recorded | −12.0% |
Spread, peg gap and switching cost
- Price spread (USD3 vs USDC)
- +1068.8 bps
- $1.1066 vs $0.9997
- Peg deviation gap
- 10.626 pp
- USD3 +10.656% · USDC −0.029%
- Yield spread
- -7.44%
- USD3 14.19% · USDC 21.63%
- Liquidity ratio
- 0.01×
- $115.39M vs $9.30B
A round trip between USD3 and USDC costs roughly the market spread plus venue fees. At 1068.8 bps of price gap, swapping $1M implies about $106.9K 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 USD3 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
USD3 is live on 2 chains, USDC on 123. 2 chains carry both, so bridging is only unavoidable for the 121 networks where just one of them is deployed.
| Chain | USD3 | USDC | Both available |
|---|---|---|---|
| $1.76M | $46.21B | Yes | |
| — | $6.78B | USDC only | |
| — | $6.04B | USDC only | |
| $16.5K | $4.24B | Yes | |
| — | $2.22B | USDC only | |
| — | $1.63B | USDC only | |
| — | $1.58B | USDC only | |
| — | $452.12M | USDC only | |
| — | $340.32M | USDC only | |
| — | $297.76M | USDC only | |
| — | $256.68M | USDC only | |
| — | $220.81M | USDC only | |
| — | $184.67M | USDC only | |
| — | $181.35M | USDC only | |
| — | $179.39M | USDC only | |
| — | $153.29M | USDC only | |
| — | $112.26M | USDC only | |
| — | $99.16M | USDC only | |
| — | $79.67M | USDC only | |
| — | $50.40M | USDC only |
USD3 vs USDC: frequently asked questions
Is USD3 or USDC safer?
+
On our composite safety score USDC rates 91/100 versus 55/100 for USD3. The score weighs collateral quality (treasuries 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 USD3 and USDC?
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Web 3 Dollar is issued by Undisclosed (Not documented), backed by crypto-backed, with redemption terms: market-only. USD Coin is issued by Circle (United States (NYDFS / MiCA)), backed by treasuries, with redemption terms: direct. Attestation coverage is "none" for USD3 and "monthly" for USDC.
Which has the bigger market cap, USD3 or USDC?
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USDC is larger at $71.95B in circulating supply, against $1.77M for the other. Over the last 7 days supply moved −35.34% for USD3 and −0.51% for USDC.
Are USD3 and USDC trading at $1.00 right now?
+
USD3 trades at $1.1066 (+10.656% off peg) and USDC at $0.9997 (−0.029% off peg). The gap between the two is about 1068.8 basis points, which is the cost you pay when rotating size between them before fees.
Has USD3 or USDC ever depegged?
+
USD3: 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, USD3 or USDC?
+
For block size the constraint is exit liquidity and primary redemption, not headline supply. USDC shows deeper on-chain liquidity at $9.30B versus $115.39M. Combine that with the redemption channel — USD3: market-only; USDC: direct — and size trades against the primary window rather than the order book where possible.
Can I earn yield on USD3 or USDC?
+
USDC currently shows the higher rate at 21.63% via neutral-trade · Solana, against 14.19% via reserve-protocol · Ethereum for USD3. 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 USD3 and USDC?
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Both are deployed on 2 shared networks, including Ethereum, Base. USD3 spans 2 chains in total and USDC spans 123. 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 USD3 to USDC?
+
Budget three components: the current price spread of roughly 1068.8 bps, swap or venue fees, and slippage against available depth ($115.39M for USD3, $9.30B for USDC). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is USD3 or USDC regulated?
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USD3 is issued from Not documented with none; 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.