DAI vs USDS
Dai (DAI) and Sky Dollar (USDS) are both dollar stablecoins, but they are built very differently. Here is how they compare on live data and on what actually matters for safety.
| Dai (DAI) | Sky Dollar (USDS) | |
|---|---|---|
| Issuer | Sky (formerly MakerDAO) | Sky |
| Type | Crypto-collateralized | Crypto-collateralized |
| Backing | Overcollateralized crypto, other stablecoins and tokenized real-world assets | The Sky protocol's collateral: crypto, stablecoins and tokenized real-world assets |
| Launched | December 2017 | September 2024 |
| Market cap | $4.81B | $6.94B |
| Price | $1.0001 | $0.9998 |
| Distance from $1 | +0.01% | -0.02% |
| Chains | 49 | 7 |
| Worst recorded depeg | $0.9000 (Mar 2023) | None significant |
| Lost to inflation | −26% | −6% |
| Regulation | Decentralized protocol with no licensed issuer | Decentralized protocol with no licensed issuer |
The key difference
USDS is DAI's successor from the same protocol, Sky, and the two convert 1:1 at any time. USDS is the token that earns the Sky Savings Rate and is where exchange liquidity is moving; its contract is upgradeable and includes a freeze capability. DAI's contract is immutable, which is why some users still prefer it.
Bottom line
Neither is risk-free. The better choice depends on which risk you would rather carry — issuer and reserve risk, smart-contract and collateral risk, or derivatives risk — and both still lose value to dollar inflation. This comparison is informational, not financial advice.
Stablecoins copy the dollar — inflation included. Unstablecoins take the opposite bet: no peg, a fixed or shrinking supply and volatility on the label. See them in the live unstablecoin rankings.
Market data: DefiLlama (hourly). Inflation: US CPI-U from FRED. This page is informational and not financial advice.