Tether vs Dai (USDT vs DAI)
Tether (USDT) scores 10 out of 10 and Dai (DAI) 9.62 in the [stablecoins ranking](/ratings/stablecoins/), on data collected October 19, 2026, with 100% of the score measured for both. The whole 0.38-point gap is size: USDT's market cap is about 39 times Dai's. On peg, age and reach both take full marks. The bigger difference for most readers — an issuer holding reserves versus a protocol holding on-chain collateral — is not part of the score.
Tether scores higher: 10/10 against 9.62/10. It leads on 1 of 4 criteria, Dai on 0.
Criterion by criterion
Same category, same weights, heaviest criterion first. Open a row for each side’s reasoning and evidence.
Scale of value trusted38% of the scoreTether leadsTether10Dai9Why these marks ↓Hide ↑
Peg stability24% of the scoreLevelTether10Dai10Why these marks ↓Hide ↑
Track record24% of the scoreLevelTether10Dai10Why these marks ↓Hide ↑
Multi-chain reach14% of the scoreLevelTether10Dai10Why these marks ↓Hide ↑
The measured comparison
| Criterion (weight) | Tether (USDT) | Dai (DAI) |
|---|---|---|
| Scale of value trusted (38%) | 10 — $183.46B | 9 — $4.72B |
| Peg stability (24%) | 10 — 0.06% from $1.00 | 10 — 0.02% from $1.00 |
| Track record (24%) | 10 — 12.3 yr (2014) | 10 — 9.3 yr (2017) |
| Multi-chain reach (14%) | 10 — 130 chains | 10 — 49 chains |
| Score | 10 | 9.62 |
| % measured | 100% | 100% |
| Rank | #1 of 15 | #3 of 15 |
DefiLlama and public launch records, measured October 19, 2026, 14:39 UTC. Rules: methodology.
What explains the 0.38 gap
Market cap carries 38% of the score on a log scale. Tether's $183.46B scores 10; Dai's $4.72B scores 9 despite being well above the category median of $2.81B. One point at 38% is 0.38 — the full difference.
Everywhere else the data cannot separate them. Dai's peg reading was tighter on the day (0.02% vs 0.06%), but both are inside the full-score band. Tether is older and on more chains, but Dai's 9.3 years and 49 chains also reach the maximum. Dai can only close the gap by growing its market cap many times over.
What the scores don't show
- How each holds $1. USDT is fiat-backed: Tether states it holds reserves (mostly Treasuries and repos, plus gold, bitcoin and secured loans) and publishes quarterly attestations, which are point-in-time snapshots rather than full audits (Tether profile). Dai is a crypto-collateralized design, created against on-chain collateral under protocol rules (types of stablecoins).
- Control. Tether's terms allow it to freeze tokens, and its own mint/redeem services exclude US, Canadian and Singaporean persons, with limited exceptions. Dai's risks sit instead in collateral, liquidations and governance. None of this is scored.
- Fees, yields, redemption paths, regulatory status — not scored for either.
A higher score is not a finding that USDT is safer than Dai, or the reverse.
Which fits which reader
- Deepest market and broadest exchange presence: USDT ($183.46B market cap).
- Longest operating record: USDT (12.3 years), with Dai next in the whole ranking (9.3 years).
- Backing you can inspect on-chain rather than via issuer reports: Dai's design — learn the liquidation mechanics first.
- US residents dealing directly with the issuer: USDT's own services generally exclude you; Tether offers a separate US token (USAT), which is a different product.
The numbers side by side
| Measured | Tether | Dai |
|---|---|---|
| Market cap | $183.46B | $4.72B |
| Peg deviation | 0.06% | 0.02% |
| Track record | 12.3 yr | 9.3 yr |
| Chains | 130 | 49 |
Which to choose
Why does Tether score higher than Dai?+
Only market cap differs: $183.46B scores 10, $4.72B scores 9. At 38% weight that is the 0.38 gap.
Is Dai more decentralized than Tether, and is that scored?+
Dai's crypto-collateralized model does not depend on a single company holding bank reserves, but decentralization is not a scored criterion. See the types guide and how stablecoin depegs happen.
How current is this comparison?+
Collected October 19, 2026, 14:39 UTC. Full scorecards: Tether rating · Dai rating. Related: Tether vs USD Coin · USD Coin vs Dai · All 15 stablecoins. No affiliate links.