Stablecoins: USDT, USDC, DAI — the difference

A stablecoin is a cryptocurrency pegged to the value of a fiat currency, most often the US dollar (1 coin ≈ 1 USD). It's a "digital dollar": handy for storing value and transferring without price swings. But stablecoins differ in what backs them and who issues them.

USDT (Tether)

The most widespread stablecoin, with maximum liquidity and support. Issued by Tether, backed by reserves (cash, government bonds, etc.). It exists across many networks — TRC20, ERC20, BEP20 and so on. For transfers and cashing out to rubles people usually pick USDT TRC20.

USDC (USD Coin)

Issued by the regulated company Circle, considered more "transparent" on reserve reporting. Liquidity is high, though slightly below USDT. It also exists on several networks; there may be fewer exchange directions.

DAI

A decentralized stablecoin: issued not by a company but by the MakerDAO protocol and backed by crypto collateral (smart contracts). The plus is decentralization; the minus is a more complex design that depends on collateral assets.

What to consider when exchanging

• Liquidity and directions. USDT has the most exchangers and directions — easier to exchange at a good rate.
• Network. The value is roughly the same, but the fee depends on the network; the sender's and recipient's network must match.
• Where to store value. All three ≈ 1 dollar; for maximum compatibility and liquidity people often pick USDT.

In short

• USDT — liquidity and the most directions; USDC — focus on transparency; DAI — decentralization.
• All are pegged to the dollar, but backing and issuer differ.
• When exchanging, look at the direction's liquidity and the network fee.

Compare stablecoin and other rates — in the directory. Terms — in the glossary.