USD Coin vs Dai (USDC vs DAI)
USD Coin (USDC) 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 entire 0.38-point gap comes from one criterion, market cap. Dai matches USDC on peg and reach and has been running a year longer. What really separates the two — how each stays at $1 — is outside what the score measures.
USD Coin 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 scoreUSD Coin leadsUSD Coin10Dai9Why these marks ↓Hide ↑
Peg stability24% of the scoreLevelUSD Coin10Dai10Why these marks ↓Hide ↑
Track record24% of the scoreLevelUSD Coin10Dai10Why these marks ↓Hide ↑
Multi-chain reach14% of the scoreLevelUSD Coin10Dai10Why these marks ↓Hide ↑
The measured comparison
| Criterion (weight) | USD Coin (USDC) | Dai (DAI) |
|---|---|---|
| Scale of value trusted (38%) | 10 — $72.54B | 9 — $4.72B |
| Peg stability (24%) | 10 — 0.01% from $1.00 | 10 — 0.02% from $1.00 |
| Track record (24%) | 10 — 8.3 yr (2018) | 10 — 9.3 yr (2017) |
| Multi-chain reach (14%) | 10 — 154 chains | 10 — 49 chains |
| Score | 10 | 9.62 |
| % measured | 100% | 100% |
| Rank | #2 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 and is read on a log scale. USDC's $72.54B scores 10; Dai's $4.72B scores 9, even though it is well above the category median of $2.81B. One point at 38% weight is 0.38 — exactly the difference. On the other three criteria the two coins score the same:
- Peg: both within 0.02% of $1.00 on the collection day.
- Age: Dai launched in 2017, USDC in 2018; both score the maximum.
- Reach: USDC is on about three times as many chains (154 vs 49), but both are far above the median of 8 and score 10.
Because Dai already has full marks on everything else, only a much larger market cap would close the gap. Nothing in the data marks Dai down for its peg or its record.
What the scores don't show
The two coins are built differently, and that difference is not scored:
- USDC is a fiat-backed coin. Circle, its US issuer (with an EU issuer in France), describes reserves of short-dated Treasuries, Treasury repo and bank deposits, with monthly assurance by a Big Four firm and weekly holdings disclosure (Circle profile). Direct redemption runs through Circle Mint accounts for institutions.
- Dai is a crypto-collateralized design: tokens are created against on-chain collateral under protocol rules rather than an issuer holding bank reserves. That model trades some capital efficiency for on-chain transparency, and its peg depends on how collateral and liquidations behave in a sharp market move (types of stablecoins).
The score reads neither reserve quality nor collateral behavior, redemption paths, governance, savings rates or fees. A 10 vs 9.62 says nothing about which design is safer.
Which fits which reader
- Widest network coverage: USDC (154 chains).
- A longer continuous record: Dai (9.3 years vs 8.3), though both score the maximum.
- A coin whose backing you can inspect on-chain rather than through issuer reports: that is a design preference this score does not rank; read the Dai rating and the types guide before deciding.
- Direct dollar redemption with an issuer: a fiat-backed coin such as USDC offers that route to eligible institutions; check current terms.
The numbers side by side
| Measured | USD Coin | Dai |
|---|---|---|
| Market cap | $72.54B | $4.72B |
| Peg deviation | 0.01% | 0.02% |
| Track record | 8.3 yr | 9.3 yr |
| Chains | 154 | 49 |
Which to choose
Why does Dai score lower if its peg and age are as good as USDC's?+
Only market cap differs. $4.72B scores 9 on the log scale, $72.54B scores 10; at 38% weight that is the 0.38 gap.
Is Dai less safe than USDC because it scores lower?+
Not on this evidence. The ranking does not measure collateral, reserves or redemption, which are what determine how a stablecoin holds up under stress. See how stablecoin depegs happen.
How current is this comparison?+
All values were collected October 19, 2026, 14:39 UTC. Full scorecards: USD Coin rating · Dai rating. Related: Tether vs Dai · Dai vs PayPal USD · Tether vs USD Coin · All 15 stablecoins. No affiliate links.