Dai (DAI) against USD Coin (USDC)
Dai and USD Coin next to each other: how the prices travelled, what differs under the hood and what each coin is built for.
DAI and USDC: what is under the hood
| Dai (DAI) | USD Coin (USDC) | |
|---|---|---|
| Price | $0.999821 | $0.999605 |
| Ticker | DAI | USDC |
| Type | token | token |
| Launched | 2017 | 2018 |
| Built by | MakerDAO | Circle |
| Supply cap | no cap | no cap |
| In circulation | 4.57 B DAI | 73.59 B USDC |
| Market cap | $4.57 B | $73.56 B |
| Rank by cap | #23 | #6 |
| Network | — | Ethereum (ERC20) |
| Fees are paid in | — | ETH |
Source: CoinGecko, Sep 17, 2026 18:54. Where these numbers come from
Who went where: DAI and USDC
Both prices start the period at 100, so the chart shows which one rose or fell harder — not the prices themselves.
| Period | DAI | USDC |
|---|---|---|
| Week | 0% | −0.03% |
| Month | −0.02% | −0.01% |
| Quarter | −0.01% | +0.01% |
Over the quarter their daily moves line up at 0.13 (they travel apart).
What each one is built for: DAI and USDC
- Sitting in dollarsDai and USD Coin
How Dai and USD Coin are built
How Dai works
To mint DAI, a user deposits more collateral than the value of the DAI received. If the collateral falls in value, the position is liquidated automatically, which keeps DAI backed. Interest rates set by governance help hold the price near one dollar.
What Dai is for
DAI is used in DeFi for lending, borrowing and liquidity pools, and by users who want a dollar asset that is managed by a protocol rather than a single company.
How USD Coin works
Like USDT, USDC exists on many blockchains — Ethereum, Solana, Polygon, Arbitrum, BNB Smart Chain and others. Circle mints and burns tokens as dollars enter or leave its reserves, which keeps the price close to one dollar.
What USD Coin is for
USDC is popular in DeFi and with businesses that prefer a regulated issuer. It is used for payments, savings in dollar terms, trading and moving value between blockchains.